2025 Tax Return for seniors
I recently heard that seniors can receive $6,000 by filing a 2025 tax return. Is this true?
I was told a couple years ago that I no longer had to file a return since my husband and I receive social security and do not work. I also have an investment account with Wells Fargo, of which I am required to withdraw 10% each year. So my question is, Should we file a 2025 return in order to get the $6,000 from the government?
Terry Says
As a senior, you now get an extra deduction of $6,000 each, if you file jointly. But that deduction goes against income — it’s not a gift!
Read this recent column for a full explanation: https://www.terrysavage.com/taxes-for-seniors/
So if you file jointly and have income of more than $42,600, the extra $12,000 deduction comes into play. But if your income is below that level it won’t be a help.
And if your total joint income is less than $32,500 (and you are both over 65) you do not need to file at all.
You can find free help for seniors/taxes at https://www.aarp.org/money/taxes/aarp-taxaide/locations/
