As debate among House Republicans continues, the campaign promise to end tax on Social Security benefits isn’t included in the current version of “The One, Big, Beautiful Bill.” However, seniors haven’t been forgotten. There’s a proposed provision for an enhanced deduction of $4,000 for eligible filers age 65 or older. To be eligible, modified adjusted gross income can’t exceed $75,000 for a single filer or $150,000 for those who file married jointly. This deduction would be available to eligible taxpayers whether or not they itemize deductions. If enacted, this advantageous deduction would be effective for tax years 2025 through 2028. We’ll keep you up to date on the bill’s progress.
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