Enhanced deduction for seniors

(a) In general Section 63(f) is amended by adding at the end the following new paragraph: (5) Bonus additional amount for seniors (A) In general In the case of any taxable year beginning after December 31, 2024, and before January 1, 2029, the dollar amount in effect under paragraph (1) shall be increased by $4,000. (B) Limitation based on modified adjusted gross income In the case of any taxpayer for any taxable year, the $4,000 amount in subparagraph(A) shall be reduced (but not below zero) by 4 percent of so much of the taxpayer’s modified adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return). (C) Modified adjusted gross income For purposes of this paragraph, the term modified adjusted gross income means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under section 911, 931, or 933. (D) Social security number required (i) In general Subparagraph (A) shall not apply unless the taxpayer includes on the return of tax for the taxable year— (I) such individual’s social security number (as defined in section 24(h)(7)), number, and (II) if the individual is married, the social security number of such individual’s spouse. (ii) Married individuals Rules similar to the rules of section 32(d) shall apply to this section. (iii) Social security number defined For purposes of clause (i), the term social security number shall have the meaning given such term in section 24(h)(7). (E) Coordination with inflation adjustment Subsection (c)(4) shall not apply to any dollar amount contained in this paragraph. (F) Allowance to seniors who elect to itemize In the case of a taxpayer who elects to itemize deductions for any taxable year beginning after December 31, 2024, and before January 1, 2029, there shall be allowed as a deduction the aggregate increase which would be determined under subparagraph (A) (determined after the application of subparagraphs (B), (D), and (E)) with respect to such taxpayer for such taxable year if such taxpayer did not so elect to itemize deductions for such taxable year.. (b) Omission of correct social security number treated as mathematical or clerical error Section 6213(g)(2), as amended by the preceding provisions of this Act, is amended by striking and at the end of subparagraph (X), by striking the period at the end of subparagraph (Y) and inserting, and, and by inserting after subparagraph (Y) the following new subparagraph: (Z) an omission of a correct social security number required under section 63(f)(5)(D) (relating to bonus additional amount for seniors).. (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2024.