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To: willk

Standard deduct is 15K individual and 30K married. SS is 50% taxed up to 44K filing joint. So if you have (joint) 30K income and 16K SS, 30K is exempt and only 8 K of SS is taxable, but the deduction will make your taxes 0. I think


10 posted on 07/04/2025 5:28:37 AM PDT by 11th_VA
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To: 11th_VA

I should have said 22K SS - then not taxable


12 posted on 07/04/2025 5:30:43 AM PDT by 11th_VA
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To: 11th_VA

That’s real clear lol. We should have told the Republican congress we were Ukrainian.


20 posted on 07/04/2025 5:47:50 AM PDT by DesertRhino (2016 Star Wars, 2020 The Empire Strikes Back, 2025... RETURN OF THE JEDI….There’s really not much to)
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To: All
The claim the BBB will eliminate taxes on SS for most recipients is a bit deceptive.

I've included a link below to a White House bulletin explaining how most SS recipients will supposedly see taxes eliminated for SS income. How they do it is they add the new $12K deduction (for married couples) to the already established standard deduction of $31,500. On top of that, there is an existing extra $3,200 deduction for seniors. All this adds up to a deduction of $46,700 deduction, which if applied against SS income, would eliminate SS tax for nearly 90% of recipients.

The problem is, Turbo Tax will use the $31,500 standard deduction to shield income taxed at a higher rate than SS (such as pension income or job wages). So really, SS recipients will still be paying taxes on a big chunk of their SS income.

The BBB will save seniors hundreds of dollars in taxes, but not the thousands we had hoped for.

No Tax on Social Security is a Reality in the One Big Beautiful Bill
22 posted on 07/04/2025 5:50:22 AM PDT by Dan in Wichita
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