Will you pay taxes on your Social Security benefits? - MarketWatch
No wonder there has been so much confusion around the One Big Beautiful Bill and the elimination of taxes on Social Security benefits! The Social Security Administration published a press release saying, “A provision that eliminates federal income taxes on Social Security benefits for most beneficiaries, providing relief to individuals and couples. Additionally, it provides an enhanced deduction for taxpayers aged 65 and older, ensuring that retirees can keep more of what they have earned.”
The confusion arises from the fact that the action taken by Congress has no direct connection to Social Security, since the Byrd Rule prohibits Congress from making permanent changes to Social Security through a reconciliation bill. So, will you pay taxes on your Social Security benefits? Alessandra Malito, writing for MarketWatch, explains what the tax bill means for seniors. Read Ms. Malito’s article here…
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