Hey everyone, Becky here — and I’ve got an important update for our seniors this Tax Tip Tuesday.

New this year, low-income seniors may be able to reduce their taxable income by up to $6,000 per taxpayer on their federal return. Now keep in mind, this deduction does start to phase out as income increases, and it’s completely gone for single filers at $125,000 of income — double that for married couples filing jointly.

This deduction is claimed on the new Schedule 1A, so make sure you’re using the updated forms.

Here in Montana, we also have a separate senior deduction of $5,660, and that was already in place last year — so don’t miss that one either.

And one more thing for my Montana seniors age 62 and older: if you have lower income but higher property taxes, you may qualify for the 2EC Elderly Homeowner Credit on your Montana return. That can make a real difference.

If you’re not sure whether you qualify, we’re here to help at Laser 1040. Let’s make sure you’re getting every deduction you deserve. Contact us using the form below.