Missouri Seniors Get Extra Tax Deduction Through 2028
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(Missourinet) - Missouri taxpayers will see several changes this season. Tips and overtime pay are no longer taxed, and seniors 65 and older can claim an extra deduction. Stacey Engle with the IRS says starting this year and running through 2028, those 65 and older can claim an extra six thousand dollar deduction.
“It is in addition to the normal senior standard deduction under the existing tax code. For an eligible individual it is $6,000. For a married couple that are both over 65, the deduction would be an additional $12,000.”
Engle says the new deduction is part of the One Big Beautiful Bill, which was passed in July.
“A lot of folks don't understand when they have other sources of income outside of Social Security, being the more they make their Social Security can become taxable. So basically, what this does is it reduces the amount of Social Security that is taxable on those tax returns.”
Engle says there’s also a new form included on the standard 1040.
“One good thing is if folks e-file, the software will automatically create that form for you and fill it out. Electronic filing is the fastest, safest and most effective way to file your tax return.”
Engle says choosing electronic filing with direct deposit can speed up refunds—typically in 21 days or less.
