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Retirement tax questions
Under current law, about 69% of seniors don’t pay income tax on Social Security. That percentage will raise to 88% with the new law. Social Security is never taxable if it is your only income, but it can be partly taxable if you have outside income. The law has an increased deduction for seniors, that will help to make their Social Security non-taxable when they have outside income. But if your outside income is high enough, your Social Security could still be taxable.
a month ago