09/03/2026
📋 Five federal tax rules changed that retirees may notice on their returns. Two of them already have an expiration date.
If you are 65 or older, you may get an extra deduction of up to $6,000 per person, available whether you itemize or take the standard deduction. It starts phasing out above $150,000 of MAGI for joint filers and it ends after 2028.
The SALT deduction cap is $40,400 for 2026 if you itemize. It starts phasing down above $505,000 of MAGI and returns to $10,000 in 2030.
The federal estate and gift tax exemption is $15 million per person in 2026, and it has no scheduled end date.
Charitable giving changed in both directions. People who take the standard deduction can now deduct up to $1,000 of qualifying cash gifts, or $2,000 filing jointly, while itemizers now face a floor of 0.5% of AGI before a gift counts.
And if you deduct gambling losses, only 90% of those losses can offset winnings starting in 2026. Someone with $50,000 of winnings and $50,000 of losses can be left with $5,000 of taxable gambling income.
Not all five will touch your return. Plenty of retirees do not itemize, do not have a taxable estate, and do not gamble, so the useful exercise is figuring out which of these actually reach you.
The senior deduction ends after 2028 and the higher SALT cap ends after 2029. If either one saves you money, those dates belong in your planning.
Which of these five changes your return?
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.
