What to Know about the Tax Deduction for seniors [View all]
Three articles to read. Bottom line . It’s a temporary deduction that lasts 5 years .
https://thehill.com/business/personal-finance/5381335-senate-social-security-tax-deduction/
The version of Trump’s megabill that squeezed through the Senate would offer a tax deduction of $6,000 to seniors making up to $75,000 individually, or $150,000 on a joint return. The deduction is lowered for incomes above that level, and phased out altogether for seniors with individual incomes of more than $175,000, or $250,000 jointly.
Americans ages 65 and older can claim an extra standard deduction ($2,000 for a single filer, $1,600 per qualifying spouse in a couple) on top of the standard deduction available to all taxpayers who don’t itemize. The reconciliation bill adds a 65-plus bonus deduction of $6,000, through the 2028 tax year.
https://www.aarp.org/money/retirement/big-beautiful-bill-tax-changes.html
The Senate proposal includes a temporary $6,000 deduction for seniors over the age of 65, contrasted with the House proposal, which includes a temporary deduction of $4,000.
The Senate proposal approved Tuesday would eliminate Social Security tax liability for seniors with adjusted gross incomes of $75,000 or less or $150,000 if filing as a married couple.
If passed into law, the tax deduction would last four years, from 2025 to 2029.
The deductions phase out as income increases.
https://apnews.com/article/trump-congress-big-bill-tax-social-security-adea287e00c7c553f69f3667d3ef78cc
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