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Making the Most of the New 65 Plus Tax Break - MSN.com
The President was unable to keep his campaign promise to end taxation of Social Security benefits, as it never advanced in Congress, but many seniors 65 and over are still going to receive a new tax break. As a result of the “Big Beautiful Bill” (BBB), they are receiving an additional $6,000 tax reduction on their tax return starting in 2025. It will be available from 2025 through 2028.
If you are at least 65 years old and meet the income level requirements, you’ll receive this additional tax deduction regardless of whether or not you are receiving your Social Security benefits. If you are married and your spouse is at least 65, you will get an additional $12,000 deduction. Elizabeth O’Brien wrote an article about how this additional deduction may benefit you. To read her full article, click here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.
“they are receiving an additional $6,000 tax reduction on their tax return”
Well no, it’s not a tax reduction.