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[Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
The "One Big Beautiful Bill Act" (OBBBA) does not directly change the rules for how Social Security benefits are calculated or paid.
What it does is change how your benefits are taxed. The bill gives a new, temporary $6,000 tax deduction to people aged 65 and older.
This extra deduction helps in two ways:
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Lowering your overall tax bill: The deduction reduces your taxable income, so you'll pay less in taxes on your Social Security and any other income you have.
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Making Social Security tax-free for more people: For many seniors with low to moderate income, this new deduction is big enough to make their Social Security benefits completely tax-free.
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Wednesday