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Lovie777

(24,604 posts)

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

Reply to LuckyCharms (Original post)

Fri Jul 4, 2025, 09:12 AM

Jul 2025

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.

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This message was self-deleted by its author [View all] LuckyCharms Jul 2025 OP

It's a deduction from income, not a credit. Silent Type Jul 2025 #1

Do you know if it is deducted before the taxable SS calculation, or after? LuckyCharms Jul 2025 #2

I think it is off the bottom line, assuming up to $6000 of SS falls into the taxable category. But just speculating. Silent Type Jul 2025 #6

I think you are correct. Thanks. LuckyCharms Jul 2025 #7

The average benefit will be just a $670 increase in after tax income. That's it. $670. Wiz Imp Jul 2025 #12

Does it apply to joint income? multigraincracker Jul 2025 #3

According to Yahoo Finance it's $12K for couples. But not sure that applies if one's spouse is under 65. Silent Type Jul 2025 #5

My Gpa already gets reduction in total income.......... Lovie777 Jul 2025 #4

This is the new senior ta deduction in the bill Wiz Imp Jul 2025 #11

Are retirement pensions "income"? If not, most won't even get this. lindysalsagal Jul 2025 #8

Yes D_Master81 Jul 2025 #9

The average benefit will be just a $670 increase in after tax income. That's it. $670. Wiz Imp Jul 2025 #10