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09/03/2026

⚖️ The 2026 standard deduction is not just one number anymore.

There is the base standard deduction, the age-65 add-on, and for many older filers, a separate senior deduction on top of both.

For 2026, the base standard deduction is $16,100 for single filers, $24,150 for head of household, and $32,200 for married couples filing jointly.

At age 65, the regular age-based add-on kicks in too: $2,050 for single and head-of-household filers, and $1,650 per spouse on a joint return.

Then comes the extra senior deduction. It is worth up to $6,000 per person age 65 or older, runs from 2025 through 2028, and applies whether you itemize or take the standard deduction.

That means a single filer age 65 or older can deduct up to $24,150 in 2026.

A head-of-household filer age 65 or older can deduct up to $32,200.

A married couple filing jointly with both spouses 65 or older can deduct up to $47,500.

If only one spouse is 65 or older, the joint total is $39,850.

One important catch: married couples have to file jointly to claim the senior deduction. Married filing separately gets the regular standard deduction and age-65 add-on, but not the extra $6,000 senior deduction.

The senior deduction also phases out at higher income levels, beginning above $75,000 of MAGI for single and head-of-household filers and above $150,000 on a joint return.

The big point is simple: if you are 65 or older, do not stop at the standard deduction chart. There may be more available than you think.

Which row are you in, and did you know the $6,000 was separate from the standard deduction?

P.S. Once a week, I email the best money article I read, with my take on this week's top Facebook posts and what's new on the Ways to Wealth blog. It's free, and you can sign up on the Ways to Wealth home page.

R.J. Weiss, CFP®



The content shared here is for educational and informational purposes only. It is not personalized investment, tax, legal, or financial advice. Consult a licensed professional before making decisions based on your specific situation.

09/03/2026

🏥 Updated version of a post from June, with the questions from that thread folded in: whether IRMAA is permanent, whether the income line is before or after the standard deduction, and what to do after you retire or lose a spouse.

Past $109,000 of income for a single filer, or $218,000 for a married couple filing jointly, the 2026 Medicare Part B premium stops being the same for everyone and climbs through six tiers.

The surcharge is called IRMAA, and it runs on modified adjusted gross income, which is your adjusted gross income plus tax-exempt interest, measured before the standard deduction.

At the first tier, the Part B premium rises from $202.90 to $284.10 a month, with a $14.50 Part D surcharge added on top.

IRMAA is a cliff, so one dollar over a bracket raises your premium for all twelve months of the year.

It runs on a two-year lookback, so your 2026 premium comes from the income on your 2024 return, and it is charged per person, so a couple with both spouses enrolled can pay it twice.

It is not permanent: Social Security recalculates it every year from a new return, and if your income dropped because you retired, cut your hours, or lost a spouse, Form SSA-44 asks them to use your current income instead.

A large Roth conversion or capital gain can raise your Medicare cost two years later, which makes the timing of that income worth planning.

Which tier are you closest to, and was it a one-time event or your normal income that put you there?

P.S. Once a week, I email the best money article I read, with my take on this week's top Facebook posts and what's new on the Ways to Wealth blog. It's free, and you can sign up on the Ways to Wealth home page.

R.J. Weiss, CFP®



The content shared here is for educational and informational purposes only. It is not personalized investment, tax, legal, or financial advice. Consult a licensed professional before making decisions based on your specific situation.

08/20/2026

News release: Keep back-to-school shopping receipts for tax time savings with the K-12 Education Credit and Subtraction
https://ow.ly/fyP050ZBXR5

08/12/2026

Putting in some extra hours this summer? Take advantage of deducting up to $12,500 of qualified overtime pay. Not sure if the hours you worked qualify? Check out these easy-to-understand resources on the Working Families Tax Cuts.

Start learning today at https://ow.ly/pKH550ZuQR1.

08/12/2026

Earned sick and safe time (ESST) isn’t just for when you’re sick. Minnesota workers can use ESST for preventive care, including checkups, vaccinations, screenings and other routine appointments that help you stay healthy. Taking care of your health is protected time. Visit: sickleave.mn.gov.

08/12/2026

Driving your vehicle for your ? Your mileage could be deductible. Check the current standard mileage rates before you file. The has the latest rates and guidance: https://ow.ly/tWqj50Zs1pj

08/12/2026

Due to scheduled maintenance, our online services including e-Services, Where’s My Refund?, Property Tax Refund Online Filing System, and Online Services Payment System will be unavailable from Friday, September 4 at 4:30 p.m. until Tuesday, September 8 at 6:00 a.m. Regular deadlines for filing and paying taxes still apply. Please plan accordingly. We apologize for the inconvenience.

For details, visit: https://www.revenue.state.mn.us/e-services-information

08/07/2026

MN property tax refunds should be directly deposited towards the end of September.

08/04/2026

DYK there are credits you can claim for furthering your education? Whether you're going to trade school or college, you may be eligible for up to $2,500 off your tax bill. It's easy to figure out which credit you qualify for by using the Interactive Tax Assistant (ITA).

Find out if you qualify by visiting www.irs.gov/ita.

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