There is no Social Security deduction. The tax on Social Security benefits has not changed. The campaign promise of no tax on Social Security has turned into a new deduction for seniors. It has nothi...
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There is no Social Security deduction. The tax on Social Security benefits has not changed. The campaign promise of no tax on Social Security has turned into a new deduction for seniors. It has nothing to do with Social Security.
The deduction for seniors is a maximum of $6,000, or $12,000 if married filing jointly and both are 65 or older. The deduction is gradually reduced if Modified Adjusted Gross Income (MAGI) is over $75,000 ($150,000 if married filing jointly), so if your income is over that amount you will not get the full $6,000 per person. The deduction is reduced to zero if MAGI is $175,000 or more ($250,000 if married filing jointly).
The deduction for seniors is calculated in Part V of Schedule 1-A. The amount of the deduction will be on Schedule 1-A line 37. The total deductions from Schedule 1-A will be on Form 1040 line 13b, which might include other deductions besides the deduction for seniors.
You don't have to enter anything to get the deduction for seniors. TurboTax will give it to you automatically based on the birth date that you entered in your personal information, and your income.