3 Tax Mistakes Boomers Are Most Likely To Make — and How To Avoid Them
Written by
Jamela Adam
Edited by
Molly Sullivan
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Whether you’re already retired or about to leave the workforce, your golden years are no time to make expensive mistakes during tax season.
If you’re older, there are certain tax laws that apply specifically to you or may be applied differently to you compared to younger taxpayers. So before submitting your tax returns, make sure you’re aware of these common tax errors that can cost you money or potentially get you in trouble with the IRS.
Not Maxing Your Retirement Accounts
If you’re nearing the age of retirement, now’s the time to beef up your retirement nest egg. If you’re not contributing the maximum to your tax-advantaged retirement accounts, you’re incurring unnecessary tax payments and losing money in retirement.
So throughout the tax year, make sure you’re putting enough money into your retirement savings and taking advantage of catch-up contributions. Catch-up contributions allow those age 50 and older to contribute additional money to retirement accounts beyond the standard limits.
The IRA contribution limit for investors age 50 and older is $8,000 for 2025 and $8,600 for 2026. And starting in 2026, the standard employee 401(k) contribution limit is $24,500, with an additional $8,000 catch-up contribution available for anyone age 50 and older.
Making Math Mistakes
Mathematical errors are one of the top reasons for IRS audits. Before hitting “submit” on your tax return, make sure to double-check all the numbers and consider using tax software like H&R Block that can handle all the calculations for you and minimize mistakes.
If you’ve made a mistake on your return, you’ll need to file an amended return as soon as you realize it. The deadline to file an amended return is generally three years from the original date of filing or two years from when you paid the tax, whichever is later.
Missing Out on Key Deductions
Another common tax mistake baby boomers make is missing the additional standard deduction for age 65 and over.
With the tax law updates from the One Big Beautiful Bill Act, taxpayers 65 and older can now qualify for a new senior tax deduction. They can claim it regardless of whether they itemize or take the standard deduction. So if you’re eligible, you can claim an additional deduction of up to $6,000 on top of either the base standard deduction (available to all Americans) or itemized deductions.
To claim the new deduction for seniors, you must meet the following criteria:
- Be 65 or older by the end of the tax year
- Have a work-authorized SSN
- Use any filing status other than married filing separately
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