SENIOR DEDUCTION
This is the bonus deduction amount available to each qualifying senior aged 65 and older under the “Senior Bonus” provision.
What is $6,000?
This is the maximum annual amount of interest you can deduct on a new, U.S.‑assembled vehicle loan under the new tax provision.
What is $10,000?
A temporary federal income tax deduction for the half-premium portion of “time-and-a-half” overtime pay.
What is the “qualified overtime compensation” deduction introduced by the OBBBA?
For the 2025–2028 tax years, eligible workers can deduct up to this amount in qualified tip income from their taxable income.
What is $25,000?
The birth years when babies get an automatic $1000 deposited into their Trump account if we have signed them up.
2025, 2026, 2027 and 2028
True or False: Seniors must itemize deductions to claim this new $6,000 bonus deduction.
What is False—seniors can claim it whether they itemize or take the standard deduction.
Only new car loans taken out after this date qualify for the new car‑loan interest deduction.
What is December 31, 2024?
$12,500 for single filers and $25,000 for joint filers, subject to phase-out thresholds
What are the maximum eligible overtime deduction amounts under the OBBBA?
The form for adding tips to the return that were not reported to the employer.
What is form form 4137?
This occurs first on July 4, 2026
What is the date the first deposits will be made to the Trump accounts.
How much can a married couple, both aged 65 or older, deduct together using this bonus if each spouse received $4000 each of social security income?
What is $12,000? (It is not limited by the social security you received)
To be eligible, a new vehicle must have its final assembly occur in this country, verified by its VIN.
What is the United States?
By looking at the final 2025 paystub for overtime and asking if they only get overtime when they hit 40 hours and if their overtime pay is time and a half or double time.
How will you know how much overtime someone worked and how to calculate the amount to subtract?
The form for subtracting tips
What is schedule 1A?
These are the children who qualify to get $250
Who are kids age 10 and under who live in zip codes with average income under $150,000?
What is special about the range of AGI's between $75,000 and $175,000 for single filers?
What is the $6000 senior deduction starts to phaseout at $75,000 and is completely gone at $175,000 for single filers?
The place in BWO where you can look up VIN numbers to see if a vehicles final assembly was in the USA?
The full married filing jointly cap, even if only one spouse earned qualifying overtime.
What is $25,000 — the maximum deduction allowed for married filing jointly, even when one spouse has enough qualifying overtime to reach the cap.
Special rules for self-employed tip earners
What are that the self-employed person must have a 1099NEC or 1099K that includes tips for them to be eligible for the deduction?
The earliest date for Trump account distributions
What is withdrawals can occur on Jan 1 of the year the child turns 18. Absolutely no early withdrawals allowed.
What is special about the range of AGI's between $150,000 and $250,000 for married filers?
What is the $6000 senior deduction starts to phaseout at $150,000 and is completely gone at $250,000 for married filers?
The way you deduct the interest on a new car used partly for business and partly personal.
What is deduct business interest on Sch C (on asset) and personal portion of interest on new car on Schedule 1A?
Workers receiving bonuses, shift differentials, or other incentive pay that is not part of FLSA time-and-a-half overtime.
Who cannot include their extra earnings in the qualified overtime deduction?
Because tips count as taxable income, adding them can increase refundable credits for some taxpayers but reduce benefits for others by pushing them into a higher income bracket.
Why can reporting tips sometimes boost a refund and other times lower it?
Taxation of Trump account distributions
What is treated like a traditional IRA with a basis. Contributions (except by employer) come out tax free. Earnings are taxed as ordinary income subject to normal early withdrawal penalties if before 59 1/2 but all exceptions apply.