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[LuckyCharms]

This message was self-deleted by its author (LuckyCharms) on Mon Jul 7, 2025, 06:11 PM. When the original post in a discussion thread is self-deleted, the entire discussion thread is automatically locked so new replies cannot be posted.

[Silent Type]

1. It's a deduction from income, not a credit.

[LuckyCharms]

2. Do you know if it is deducted before the taxable SS calculation, or after?

In other words, does the $6,000 flow through that lengthy calculation that determines how much SS is taxable?

Thanks.

[Silent Type]

6. I think it is off the bottom line, assuming up to $6000 of SS falls into the taxable category. But just speculating.

For most of us, it's not going to be a huge financial windfall, but it might be a savings of $1000 or so a year. I'd gladly contribute that to a fund to deport trump, even though I can use the extra $80 a month.

[LuckyCharms]

7. I think you are correct. Thanks.

[Wiz Imp]

12. The average benefit will be just a $670 increase in after tax income. That's it. $670.

https://apnews.com/article/trump-congress-big-bill-tax-social-security-adea287e00c7c553f69f3667d3ef78cc

Touting a new Council of Economic Advisers analysis, the White House said Tuesday that “88% of all seniors who receive Social Security — will pay NO TAX on their Social Security benefits,” going on to say that the Senate proposal’s $6,000 senior deduction “is estimated to benefit 33.9 million seniors, including seniors not claiming Social Security. The deduction yields an average increase in after-tax income of $670 per senior who benefits from it.”

And notice that is the average " per senior who benefits from it". Since many won't benefit at all, the average benefit to ALL seniors is almost certainly far less than $670.

[multigraincracker]

3. Does it apply to joint income?

I'm retired and wife still works.

[Silent Type]

5. According to Yahoo Finance it's $12K for couples. But not sure that applies if one's spouse is under 65.

"The new temporary tax break — $6,000 for individuals and $12,000 for couples — is for tax filers age 65 and older. It starts phasing out for those who earn over $75,000 ($150,000 for couples)." --Yahoo Fiance.

[Lovie777]

4. My Gpa already gets reduction in total income..........

from the retirement and other income coming to him every month so when tax time comes, it's automatic (H & R Block).

But seniors have to make over $80 thousand and up for such, to my understanding.

Seniors that make less than a certain amount be it, and I really don't know what that amount is, gets no deduction.

[Wiz Imp]

11. This is the new senior ta deduction in the bill

https://www.fidelity.com/learning-center/personal-finance/one-big-beautiful-bill

An added senior tax deduction. People who are age 65 and older will get an additional $6,000 deduction that begins to phase out at incomes of $75,000 for single filers and $150,000 for joint filers. Note: The enhanced deduction would be in addition to the $2,000 single filers and $3,200 married filers are currently able to deduct if they are 65 or older.

[lindysalsagal]

8. Are retirement pensions "income"? If not, most won't even get this.

[D_Master81]

9. Yes

Pensions are generally considered income

[Wiz Imp]

10. The average benefit will be just a $670 increase in after tax income. That's it. $670.

https://apnews.com/article/trump-congress-big-bill-tax-social-security-adea287e00c7c553f69f3667d3ef78cc

Touting a new Council of Economic Advisers analysis, the White House said Tuesday that “88% of all seniors who receive Social Security — will pay NO TAX on their Social Security benefits,” going on to say that the Senate proposal’s $6,000 senior deduction “is estimated to benefit 33.9 million seniors, including seniors not claiming Social Security. The deduction yields an average increase in after-tax income of $670 per senior who benefits from it.”

And notice that is the average " per senior who benefits from it". Since many won't benefit at all, the average benefit to ALL seniors is almost certainly far less than $670.