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Social Security Taxation Rules – 2026 - Economic Times
There has been a lot of media discussion about taxation of Social Security benefits, what with the passage of the so-called “One Big Beautiful Bill” (OBBB) last year. But as beneficial as the OBBB is to your IRS tax bill, Social Security’s rules still require that the IRS treat your SS benefits the same way as before. That is, the IRS will still levy income tax on your Social Security benefits if your “provisional income” is high enough. This article by Durva More appearing in the Economic Times News explains how the IRS treats the Social Security benefits you received during the tax year. Depending on your provisional income, your SS benefits may still be taxable. However, the OBBB offsets those taxes to your Social Security benefits in other ways. In the end, although the IRS will still levy taxes on your SS benefit, you will also have a substantial extra deduction to your taxable income which will offset those taxes for most people. This article discusses the taxation of Social Security benefits, but does not explain the new OBBB rules which will offset the taxes levied.
Social Security is a complex topic. If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security or enrollment in Medicare, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of these programs. All questions are answered quickly, at no charge. Learn more about it here…