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What is the faze out for the Social Security tax credit for joint filers making over $150000?

 
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2 Replies

What is the faze out for the Social Security tax credit for joint filers making over $150000?

Married Filing Jointly the additional $6,000 for each taxpayer age 65 or older is phased out when their Modified Adjusted Gross Income is greater than $150,000.

FranklinF
Employee Tax Expert

What is the faze out for the Social Security tax credit for joint filers making over $150000?

The "One Big Beautiful Bill" includes a Senior Bonus Benefit, specifically a $6,000 additional standard deduction for individuals 65 and older, available to those with a modified adjusted gross income (MAGI) below $75,000 (or $150,000 for joint filers). This deduction is intended to provide tax relief for seniors and is in addition to the existing standard deduction. Expires December 31, 2028.

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