Is there no tax on social security anymore? Let’s take a closer look at the changes to see if this is true.
Currently, depending upon your income, social security is either not taxable, 50% taxable or up to 85% taxable.
With the new tax law this hasn’t changed. However, effective for tax years 2025 through 2028 there is a new additional deduction of:
- $6,000 per person for seniors 65 & older
- $12,000 for married couples where both spouses qualify
- The deduction is reduced if modified gross income exceeds $75,000 for single filers and $150,000 for joint filers
According to whitehouse.gov, about 88% of seniors will pay no tax on their social security due to this change. Technically, it is still taxable.
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