The new "Senior Deduction" is a separate deduction for taxpayers age 65 and older regardless of whether they have Social Security income, but with an upper limit on overall income. Taxpayers who are at least 65 years old can claim a deduction of up to $6,000 on their tax return. If you’re married and your spouse is also 65 or older, the maximum deduction is $12,000 – but married couples must file a joint return to claim the deduction.
Whether your Social Security is taxable depends on the amount of your other income. If your other income is less than the threshold, none of your Social Security will be taxed. This calculation has not changed. See this TurboTax help article for more information about how Social Security benefits are taxed.
See this TurboTax tips article for more information about the Senior Deduction and other changes that affect 202 tax returns.
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