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  • No Tax on Social Security vs. $4,000 Senior Bonus Tax Deduction
    Exempting Social Security from income taxation would not change the after-tax tax income for the bottom quintile, as those households are already exempt from taxation on their Social Security benefits The tax cut would be tilted more towards those higher-income households than the proposed $4,000 deduction: The top quintile would see its after
  • One Big Beautiful Bill: What You Need to Know | TaxAct
    If you’re a taxpayer aged 65 or older, the bill would give you an extra $4,000 standard deduction starting in tax year 2025 (up from an additional $2,000 currently) The extra deduction would phase out at higher income levels once your AGI exceeds $75,000 for single filers or $150,000 for those married filing jointly
  • New ‘bonus’ tax deduction up to $6,000 could be on the way . . . - AOL
    There would be income limits, with the value of the tax break phasing out Additional standard deduction $4,000 $6,000 Income limits be in lieu of tax-free Social Security benefits for
  • What happens to the standard deduction in 2026? - InsuredAndMore. com
    How much will standard deduction be in 2026? In 2026, personal exemptions would return and be valued at $5,300 The standard deduction would shrink, and be valued at $8,350 for single filers, $16,700 for joint filers, and $12,250 for head of household filers, compared to $15,450, $30,850, and $23,150, respectively, if the TCJA instead continued
  • The One, Big, Beautiful Bill
    provision increases the standard deduction by an additional $1,000 for a single filer, $1,500 for head of household, and $2,000 for married filing jointly The impact of these modifications to the standard deduction for 2026, according to filing status, is summarized below
  • Standard Deduction 2025 2026: Tax Changes Updates
    The standard deduction directly lowers your taxable income, which can put you in a lower tax bracket and reduce your overall tax bill For example: If you earn $50,000 as a single filer, the standard deduction of $15,000 reduces your taxable income to $35,000
  • New Tax Break Worth $6,000 May Come Soon For Older Americans - Bankrate
    If the massive tax package currently being debated in Congress becomes law, Americans who are 65 and older will enjoy a hefty new tax break: An additional $4,000 to $6,000 drop in taxable income
  • No tax on Social Security benefits, or $4,000 senior bonus . . . - CNBC
    House Republicans have included a proposal in their tax bill to provide a $4,000 deduction for individuals ages 65 and up Here's what it may mean for retirees
  • 3 Social Security Changes Coming in 2026 May Surprise Retirees
    Social Security benefits will receive a cost-of-living adjustment (COLA) to account for inflation the maximum tax burden will increase from $10,918 20 this year (i e , $176,100 multiplied by 6
  • 2026 GOP Budget Bill: Will Social Security Be Taxed in 2026? What . . .
    Under current law, a portion of Social Security benefits can be taxable depending on a retiree’s combined income, which includes adjusted gross income, non-taxable interest, and half of Social Security benefits





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