Posted on 07/04/2025 3:34:48 AM PDT by zeestephen
Just received this email from SocSec - This is NOT posted on the SocSec website - "BBB provides an enhanced deduction for taxpayers aged 65 and older..."
Yes it is! As far as I can tell.
That was not in my SocSec email alert.
That is the current law...
If 50% of SocSec benefits - PLUS - all other income is BELOW $32,000 for married filing jointly - ZERO income tax.
The new BBB numbers?
NOT provided in my SocSec email.
“ It will be interesting to see how the elimination of taxes on tips, and the elimination of tips on overtime, will be implemented in terms of the tax forms and associated instructions provided by the IRS.
Will such income still be required to be reported? Even though it will not be taxed.”
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Not taxed…. FOR INCOME TAX PURPOSES. Such income will still be subject to payroll (FICA) taxes.
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