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Are Social Security Income Taxes Eliminated, or Not? - 247WallSt.com
Well, as we’ve shared in other articles at this website, including our recent Ask Rusty weekly publication, the answer to that is somewhat confusing to explain. Taxes on received Social Security benefits have not, yet have, been effectively eliminated, at least for a few years. The confusion comes from the way Congress implemented President Trumps pledge to eliminate SS tax (as well as several other promises). To expedite the desired tax breaks, Congress used its “Budget Reconciliation” process, which offered a streamlined way to accomplish the President’s objectives. Social Security tax law did not actually change but, rather, the IRS was instructed to allow an extra $6,000 per person deduction on the taxpayer’s adjusted gross income for tax years 2025 through 2028. All of this is described in this 247WallSt.com article by Motley Fool’s Christy Bieber. Click here to read more.
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…