This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at SSAdvisor@AmacFoundation.org.
How soon no tax on social security 🤔
Jim
Good Morning Jim,
President Trump was unable to eliminate tax on Social Security has it would of have taken 60 votes in the Senate to pass it, and he could not get the support he needed. Instead, the Senate used Budget Reconciliation and added a $6,000 extra deduction for seniors 65 and over. For singles with an income of $75,000 or more and married with incomes of $150,000 or more, the deduction will start to be reduced. This extra deduction will take effect on your 2025 tax return.Â
If it doesn’t eliminate the taxes on your Social Security benefit, it may at least reduce your tax burden.Â
Deduction for Seniors
New deduction: Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seniors under existing law.
The $6,000 senior deduction is per eligible individual (i.e., $12,000 total for a married couple where both spouses qualify).
Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).
Qualifying taxpayers: To qualify for the additional deduction, a taxpayer must attain age 65 on or before the last day of the taxable year.
Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers.
Taxpayers must:
include the Social Security Number of the qualifying individual(s) on the return, and
file jointly if married, to claim the deduction.
Click here to read the information pertaining to it on the IRS website: https://www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors
f you have further questions please email ssadvisory@amacfoundation.org or call 888-750-2622.
Sharon L Kleczka
Social Security Advisor
AMAC Foundation
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