Senior Car Purchase Deduction Calculator
For 65+ buyers stacking both OBBBA deductions.
The short answer: At the numbers below, the loan interest deduction alone is $12,000 — $1,440 back at 12% ($55 per paycheck). The senior bonus stacks separately.
Must be 65+ to qualify
Modified Adjusted Gross Income
Senior Bonus Deduction
$12,000
✅ You qualify for the full deduction
⚠️ This calculator provides estimates for informational and educational purposes only. It is not tax advice. Results are based on the One Big Beautiful Bill Act (OBBBA) and IRS Schedule 1-A. Consult a qualified tax professional for your specific situation.
Two Lines, One Return
Financing a car after 65 adds the interest deduction on top of the senior bonus — separate caps, same Schedule 1-A.
- • Senior bonus: $6,000 per 65+ spouse
- • Interest: up to $10,000
- • Both phase out on the same MAGI
Worked Example
MFJ couple, $3,100 loan interest, $78,000 MAGI.
- • Interest deduction $12,000; savings $1,440 at 12%
Keep Reading
Frequently Asked Questions
Do seniors get the car loan interest deduction too?
Yes — it's age-blind. Stacked with the senior bonus, both apply on the same return.
Does the phase-out hit both at once?
They phase out on the same MAGI thresholds, so a high-income senior year can trim both.