They couldn’t do it in the OBBB, but they need to do it soon. Otherwise, seniors doing their taxes will realize they still have to pay taxes on 85% of social security. That is because the $6K deductible doesn’t affect the calculation to determine whether you pay taxes on social security. It doesn’t take that much of a pension and/or IRA pay outs to put seniors over the line. $720 savings is nice, but no where near no tax on social security.
i would be happy to break even :(.... I thought the tax on social security was gone....think again
They couldn’t do it in the OBBB, but they need to do it soon. Otherwise, seniors doing their taxes will realize they still have to pay taxes on 85% of social security. That is because the $6K deductible doesn’t affect the calculation to determine whether you pay taxes on social security. It doesn’t take that much of a pension and/or IRA pay outs to put seniors over the line. $720 savings is nice, but no where near no tax on social security.