3692452
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

bls3407
New Member

From BBB What are limits to no tar on social security?

From OBBB what are limits for no tax on socal security?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

From BBB What are limits to no tar on social security?

What the law does is to create an extra senior tax deduction of $6000 ($12,000 for joint filers), for tax years 2025 through 2028.   This may reduce the tax on your SS benefit depending on your other income.

 

The social security administration estimates that currently, 33% of social security recipients pay some income tax on their benefit and that will be reduced to 10-12% of recipients paying some tax.  Low income seniors already pay no income tax on their SS benefit.  High income seniors will see no change to their tax because the bonus deduction has a high income phase-out.  Middle income seniors will likely see a modest tax cut.  

 

You still must report your benefit on your tax return, and let the tax program determine how much tax you owe, in combination with all your other income. 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question