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Kiplinger
Kiplinger
Business
Adam Shell

Five Ways to Cash In On the $6,000 'Senior Bonus' Deduction

IRA IRS Social Security Donald Trump Tax Deduction capital gains HR Block Medicare
Raised number 65 house address on a building exterior.

President Donald Trump's "One Big Beautiful Bill" didn't do away with taxes on Social Security, but it does give seniors age 65 and older an additional $6,000 bonus tax deduction in tax years 2025 through 2028.

Tax experts say now is the time for seniors who qualify for this deduction to take advantage of strategies that can help trim taxes on Roth IRA conversions, required minimum distributions (RMDs), capital gains and the sale of a home.

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