Does the one,big, beautiful ,bill affect my taxes.??

[Russ11]

I am 72 yr. old single male,, with SS income yearly @ $20.076,, and income from CD's yearly @ $6,400,,,,,If take 50% of $20,076 = $10,038.... and add $6,400 from CD's = $16,438,,,, So,,, can I still make $8,562 before I have to file federal taxes?? thanks so much,,,,, you guys are GREAT.

[NCperson]

@Russ11 since you are over 65 and eligible for the additional $6,000 Senior deduction, it is currently not clear if the filing requirement would be based on $17,750 standard deduction or $23,750 which includes the Senior deduction. 

However, you would not owe any federal taxes if you had additional income of  just under $14,400.  

With $14,400 of additional income, $6,400 of CD income, $2,900 of the SS income would be part of taxable income.  Adding all three numbers together yields $23,700 of income and then subtract the standard and senior deduction totalling $23,750, there is nothing to be taxed.  

[Russ11]

Thank you so much for your response..... Please forgive me if I am trying to understand these tax implications with some added questions for my understanding going forward.... 

    Somewhere I read that ,,, half of total SS income is taxed ,,,, so in my case @ $1,673 X 12 = $20,076 / 2 = $10,038,,,, Is this not a starting place to determine taxes owed? 

     And,, then start  adding in additional income.... ?

Thanks again,,, Russ

[NCperson]

@Russ11 it is more complicated than that - see the worksheet on page 32

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

you can play with this website to see what the implications are.  Note that the website has not yet been updated for the BBB, so the standard deduction will be $6,000 more than what is calculated here. 

https://www.dinkytown.net/java/1040-tax-calculator.html