5 Expiring Tax Breaks Boomers Should Watch Closely, According to Tax Pros
Written by
Chris Adam
Edited by
Angela Corry
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The One Big Beautiful Bill Act (OBBBA) has caused some confusion as boomers and other taxpayers file this year. To help make it easier, GOBankingRates spoke with some tax pros who shared information about a few expiring tax breaks for boomers to consider.
Energy-Related Credits
Brian Zink, CEO and founder of No Upfront Tax Relief, is among the tax experts who said they’re advising Boomer clients to keep an eye on a few specific tax credits, and energy-related credits are a big one.
“With the new bill and current administration, clean energy and credits along with that have taken a back seat,” said Brandon Gregg, CFP, advisor with BBK Wealth Management. “Most of the EV credits and energy credits for homes and EV chargers were largely ended by the end of 2025. This is a big shift over the last 20 years where EV and clean energy items were always a large topic and even one of the things that many candidates used as one of their platforms.”
Andrew Lokenauth, founder of the blog Fluent in Finance, had an additional note for boomers: “EV charging tax credits are phased out by June 2026. Any boomer with an EV who wants a home charger still has a few months to act.”
Health Care Tax Credits
“Another risk — the enhanced ACA premium tax credits expired at the end of 2025 and the OBBBA did not extend them,” said Chad Cummings, an attorney and CPA at Cummings & Cummings Law, who previously worked in finance and tax with American Airlines, PwC and JPMorgan Chase. “A 62-year-old boomer who retired before Medicare eligibility at 65 now faces health insurance premiums that could increase by $5,000 to $12,000 per year. Boomers who built retirement budgets on subsidized marketplace premiums must revisit those projections immediately.”
Additionally, according to Lokenauth, starting January 1, the OBBBA removed the limitations on repayment of excess advance premium tax credit payments.
“That means pre-Medicare boomers who underestimate their income and receive too-large ACA subsidies now owe 100% of the excess back to the IRS, with no safety cap,” he noted. “This is a landmine happening right now.”
Senior Deduction
One of the tax breaks that’s received a lot of attention over the past many months is a special deduction for seniors. That $6,000 below-the-line deduction for those age 65 and older expires after 2028. Until then, it’s welcome news for many senior taxpayers who can use it on top of the standard deduction.
Car Loan and SALT Deductions
The tax pros also mentioned two other deductions, set to expire in the coming years, that Boomers should watch closely. The American car loan interest deduction of up to $10,000 per year sunsets after 2028. The State and Local Tax (SALT) deduction cap of $40,000 reverts to $10,000 in 2030. All of these create short-term planning opportunities for boomers, per Cummings.
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