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Silent Type

(12,412 posts)

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

Reply to multigraincracker (Reply #3)

Fri Jul 4, 2025, 09:17 AM

Jul 2025

"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.

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multigraincracker

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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