According to the chart, it would not change. We already as seniors file Short Form. No house payment, car, or loans. CC’s are paid in full when they come in. Medical not enough to meet the new %. Even with the co-pays from Tricare Life.
We still pay Fed income taxes on long term annuity’s, 2 SS, and a Navy Pension minus the 10% disability for flight deck hearing loss. It keeps us in that 25% range. Thankfully TN has NO STATE INCOME TAXES. Just a sales tax and very high gas tax.
This is the first year we expect to get really screwed on our taxes. We have always had to send them a check, besides what we already paid via deductions, every year. Now our income is the same but we have no mortgage, no medical deductions......nothing to itemize.
We have hubby’s retirement which is treated as straight income, 2 social security checks, and my annuity coming in every month. Guess I better get to saving to pay taxes.
Sounds like we’re in the same boat.