Money & Economics
- Thread starter bigredfish
- Start date
Ssayer
BIT Beta Team
If you aren't over the standard deduction, there is no change.
We must be having a communication problem. The 6k/12k extra senior deduction stacks on top of the standard deduction.
alastairstevenson
Staff member
It looks like you've been on the sauce again.
Cool it please, or figure out who has got your phone or tablet.
Cool it please, or figure out who has got your phone or tablet.
Right.
But if your income is taxed not SS and already under the standard, you pay no tax anyway right? So adding a deduction on top makes no difference?
Got this from our credit card company, it does not apply to us since we pay off our balances monthly, but it just blows me away to think people pay 30+% interest on their purchases...
I am in the process of doing ours, TurboTax worksheet shows the $6000 for my wife, which is over 65, I have one more year to go
Looks like it is on Schedule 1-A
It depends on the individual situation. Somebody who has no tax without the deduction gets no benefit from it. In my case, for tax year 2025 we get the full 12k reduction of our taxable income, lowering the tax. This deduction has absolutely nothing to do with social security.
Yes quite aware. Its an add to the Std deduction
I think his point was he owes nothing without the extra deduction so it makes no difference. Many living on just SS will see the same $0 difference
The added $6000 deduction will save me approx $700
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Well we know they don't like us, since we are seeing places charge 3% more to use credit cards, we are paying for things in cash more now so they really don't like us now...