3694579
You'll need to sign in or create an account to connect with an expert.
You are asking about a change in the tax laws that will be in effect for your 2025 tax return that will be filed in 2026. The newly passed tax laws have no effect whatsoever on your 2024 tax return. We do not know yet how the IRS will handle the forms for the changes.
Here’s a Kiplinger article about it
$6,000 'Bonus' Tax Deduction Approved for Those Age 65 and Older | Kiplinger
The $6,000 senior benefit has no effect on the amount of Social Security benefits that are includible in income on Form 1040 line 6b.
@rkwicks1958 The changes to the tax law will not impact any of the current lines 1-11 on Form 1040.
Nothing will change your Adjusted Gross Income (AGI - Line 11), so the taxable component of Social Security (line 6b) will be unchanged.
However, if you are at least 65 years old, filing status is other than Filing Separate, then $6000 gets subtracted from Line 11 as the Senior Deductuon.
If your income is over $75,000 (or over $150,000 filing Joint), that reduces the $6000, by the part of your AGI that exceeds that limit times 6%, So for example, if your AGI is $100,000, you are at least 65 years old and filing SIngle, then 6% times $25,000 = $1500, meaning the Senior Deduction would be $4500 instead of $6,000.
Does that help?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
rkwicks1958
New Member
MonicaBees
Level 1
Jiawei32
Level 1
darshan137
New Member
sbatuci
New Member