Youmans & Gardner LLC, CPA

You may have read that the "One, Big, Beautiful Bill Act" contains a provision for "No Tax on Social Security." That's not exactly accurate, but there is a new deduction for taxpayers age 65 and older. This new deduction is available for tax years 2025 through 2028 and is for $6,000 per individual, so a married couple may benefit by a $12,000 deduction. This deduction is available both to taxpayers who itemize deductions and who take the standard deduction.

Key details:

• A new $6,000 deduction per individual if age 65 or older.
• The deduction starts to be reduced if modified adjusted gross income exceeds $75,000 for single or $150,000 for joint filers.
• To receive the deduction, Social Security Numbers must be listed on the return and married taxpayers must file jointly.
• The deduction is available whether you itemize deductions or take the standard deduction.