SENIORS: The IRS Is Keeping $7,040 That Belongs To You (Claim It Now)

Most Americans over 65 overpaid their federal taxes this year by thousands of dollars. Not because of bad accounting. Because a law changed in their favor and nobody told them. The IRS knows. Your Medicare administrator knows. None of them called you. Because the system collects what you send — and keeps the difference. Quietly, every year. In this video: 7 tax changes affecting every American 65+ right now, how much each is worth, and what to do before December 31st. The Senior Bonus Deduction alone is worth $7,040 over four years. Most tax preparers missed it on 2025 returns. Form 1040-X gets every dollar back. ⬇️ FREE checklist — "The 2026 Senior Tax Deduction Checklist" — every deduction available to Americans over 65, with exact eligibility, income limits, and expiration dates: 👉 garrett-duvall.beehiiv.com CHAPTERS [0:00] The law changed. Nobody called. The IRS kept the difference. [0:33] Secret #1: The $4,000 Senior Bonus Deduction (One Big Beautiful Bill) [0:42] $8,000 for a married couple — stacks on top of everything [1:16] Full deduction stack: $42,800 before a single receipt is counted [1:39] Income limits: $75,000 single / $150,000 married [1:51] Expires December 31, 2028 — three tax returns left [2:00] Worth $7,040 over four years in the 22% bracket [2:19] Filed 2025 without it? Form 1040-X gets every dollar back [2:29] Secret #2: The Medicare IRMAA interaction most people never find [2:40] Avoiding the Part B surcharge — $1,677 per year saved [2:51] Secret #3: The W-4V withholding problem destroying monthly cash flow [3:30] Real example: single woman, 68, withholding $2,400, owes $250 [4:13] The fix: W-4V at ssa.gov — 10 minutes [4:46] Amended return + updated withholding = $3,000+ back [5:39] The W-4P — the second withholding form nobody updates [6:21] Secret #4: The 2026 tax bracket shift [7:34] Married couple — taxable income drops to $11,200 [8:25] Single filer 70 — saves $480, moves bracket [9:34] Every IRA dollar is ordinary income — this is why it matters [10:46] Secret #5: The 0% federal capital gains rate most retirees never use [11:15] Single: $49,400. Married: $98,900. Federal tax: zero. [11:48] Couple sitting on $130,000 in gains — afraid to sell [12:29] Age 73: RMDs push income up and close the window forever [12:51] $19,500 in tax paid simply because they waited [13:48] Harvesting gains: sell, pay zero, buy back. Completely legal. [14:24] Secret #6: Gold and silver taxed completely differently [14:45] Stocks: 0–20%. Gold and silver: ordinary income, capped at 28% [15:52] Secret #7: SALT cap increased from $10,000 to $40,000 [16:25] NY couple — $30,000 in state/local taxes now fully deductible [16:46] Combined savings in high-tax state: $6,160 per year [17:36] To claim SALT: you must itemize — run both calculations [18:20] Bonus: Provisional income and Social Security taxation [18:45] Below $25,000 single / $32,000 married: 0% SS taxable [19:50] Senior bonus cut her tax bill by 55% — preparer missed it [21:16] 41 states don't tax Social Security [21:47] IRMAA surcharges based on income from 2 years ago [22:30] Form SSA-44 — stop paying surcharges on income you no longer earn [22:34] Age 73 RMD torpedo — four tax events at once [23:46] Roth conversion: pay 12% now or 22% later [24:43] QCD: IRA money to charity, zero income tax [26:21] What to do before this week is over [29:29] Three tax returns left. The window is now. 📌 KEY TOPICS: ✅ Senior Bonus Deduction — $4,000 single / $8,000 married ✅ Form 1040-X — recover overpaid taxes from 2025 ✅ IRMAA — Medicare Part B and D surcharges and how to reduce them ✅ W-4V and W-4P — fix overwithholding on Social Security and pension ✅ 0% capital gains rate — thresholds, RMD window, gain harvesting ✅ Gold and silver — taxed as ordinary income, capped at 28% ✅ SALT cap — $10,000 to $40,000 for 2026–2029 ✅ Provisional income — how Social Security taxation is calculated ✅ Form SSA-44 — reduce IRMAA after retirement income drops ✅ Roth conversions — 12% now vs 22% later ✅ QCD — up to $108,000 per year, tax-free, counts toward RMD ⚠️ Educational purposes only. Not legal or financial advice. 🔔 Subscribe for retirement tax strategies the government doesn't advertise. AI-generated content for educational purposes. #IRS #SeniorBonusDeduction #OneBigBeautifulBill #IRSTaxSecrets #RetirementTax2026 #SocialSecurityTax #Seniors #GarrettDuvall