2026 Tax season brings needed financial relief for seniors

With the IRS announcing that tax season begins on Jan. 26, there are a number of important changes that older Americans will be able to take advantage of this year, in part thanks to AARP’s advocacy. The One Big Beautiful Bill Act increased inflation adjustments for the standard deduction, and a new bonus senior deduction will allow tens of millions of seniors to save hundreds of dollars on their taxes this year. 

AARP Executive Vice President and Chief Advocacy and Engagement Officer Nancy LeaMond issued the following statement: 

“This year’s tax season is bringing meaningful financial relief to older Americans. In addition to the existing standard deduction, filers who are age 65 and older can qualify for a new senior bonus deduction of up to $6,000 for individuals and $12,000 for married couples. This deduction is targeted to lower- and middle-income retirees and will help tens of millions keep more of their income. With ongoing anxiety around cost of living and kitchen table budget issues, this kind of relief can make a critical difference for folks trying to make ends meet.” 

Older Americans have been financially squeezed, and AARP has advocated for policies like the new senior bonus deduction that can help tens of millions nationwide for years. Recent surveys by AARP show that one in three older adults feel financially insecure, and 74% are worried they won’t be able to live independently in retirement. 

For low-and moderate-income older adults seeking assistance navigating their options this tax season, AARP Foundation can help through Tax-Aide, the nation’s largest free tax assistance and preparation program. More information can be found at taxaide.aarpfoundation.org.