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119-hr-559119th CongressWALLET

Seniors in the Workforce Tax Relief Act

Sponsored By: Representative Bacon, Don [R-NE-2]

Introduced

Summary

Would create a temporary above-the-line tax deduction for people age 65 or older that lowers adjusted gross income (AGI) by up to $25,000 for singles and $50,000 for joint filers. It would phase out at higher incomes and expire after 2029.

Show full summary
  • Seniors 65 and older: Single filers could claim up to a $25,000 deduction. The full $25,000 applies at AGI up to $100,000 and phases to $0 by $125,000.
  • Couples and surviving spouses: Joint filers could claim up to $50,000. The full $50,000 applies at AGI up to $200,000 and phases to $0 by $250,000. If both spouses are 65 the joint deduction reaches the $50,000 maximum.
  • Filing effect: As an above-the-line deduction it reduces AGI whether or not the taxpayer itemizes.
  • Timing: The deduction would apply for tax years beginning after December 31, 2024 and would end for tax years beginning after December 31, 2029.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

New tax deduction for seniors

If enacted, seniors who turn 65 by year-end could claim a new above-the-line tax deduction. Single filers could deduct up to $25,000. Married filing jointly or a qualifying surviving spouse could deduct up to $50,000. The deduction would shrink $1 for each $1 of AGI over $100,000 (single) or $200,000 (joint), ending at $125,000 (single) or $250,000 (joint). You could claim it whether or not you itemize. It would apply to tax years 2025 through 2029.

Sponsors & CoSponsors

Sponsor

Bacon, Don [R-NE-2]

NE • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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