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Joined: Feb 2002
Posts: 46,163 Likes: 251
Freak of Nature
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Freak of Nature
Joined: Feb 2002
Posts: 46,163 Likes: 251 |
Have any of y'all that are eligible for the SS tax credit filed your taxes yet?
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Joined: Mar 2004
Posts: 11,863 Likes: 8
Booner
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Booner
Joined: Mar 2004
Posts: 11,863 Likes: 8 |
"Don't let a dead deer kill ya"
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Joined: Nov 2009
Posts: 5,783 Likes: 13
pic perv
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pic perv
Joined: Nov 2009
Posts: 5,783 Likes: 13 |
Can’t remember if that was for 2025 or 2026. Is it income based as well?
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Joined: Feb 2002
Posts: 46,163 Likes: 251
Freak of Nature
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Freak of Nature
Joined: Feb 2002
Posts: 46,163 Likes: 251 |
Can’t remember if that was for 2025 or 2026. Is it income based as well? It is income based and if I remember correctly it starts this month and runs through the last year of Trump's term. Congress needs to make it permanent. They should ALL be for this.
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Joined: Nov 2009
Posts: 5,783 Likes: 13
pic perv
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pic perv
Joined: Nov 2009
Posts: 5,783 Likes: 13 |
So it will not be an issue for tax year 2025?
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Joined: Mar 2018
Posts: 4,939 Likes: 122
12 point
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12 point
Joined: Mar 2018
Posts: 4,939 Likes: 122 |
If I am not wrong it is retroactive to 2025. I can't file yet because I don't have all info but I am hoping it is
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Joined: Mar 2018
Posts: 4,939 Likes: 122
12 point
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12 point
Joined: Mar 2018
Posts: 4,939 Likes: 122 |
I looked it up Wiley it says it is. Trump helping the little man out. MAGA
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Joined: Feb 2002
Posts: 46,163 Likes: 251
Freak of Nature
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Freak of Nature
Joined: Feb 2002
Posts: 46,163 Likes: 251 |
So it will not be an issue for tax year 2025? No, it's retroactive for the 2025 tax year. It ends in 2028, I believe, unless extended.
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Joined: Nov 2011
Posts: 22,621 Likes: 23
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 22,621 Likes: 23 |
This is their way of not taxing SS. Which I support.
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Joined: Nov 2009
Posts: 5,783 Likes: 13
pic perv
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pic perv
Joined: Nov 2009
Posts: 5,783 Likes: 13 |
I do remember Trump campaigned on no taxes on tips and SS. What I’ve read is the $6,000 cap was a compromise in the BBB.
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Joined: Nov 2011
Posts: 22,621 Likes: 23
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 22,621 Likes: 23 |
I do remember Trump campaigned on no taxes on tips and SS. What I’ve read is the $6,000 cap was a compromise in the BBB. He upheld both of these promises. There’s a dollar limit below which tips are effectively not taxed as well.
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Joined: Sep 2001
Posts: 1,249 Likes: 18
8 point
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8 point
Joined: Sep 2001
Posts: 1,249 Likes: 18 |
Deduction, not credit. Big difference.
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Joined: Apr 2000
Posts: 19,268 Likes: 28
Old Mossy Horns
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Old Mossy Horns
Joined: Apr 2000
Posts: 19,268 Likes: 28 |
I can't file when I had no income other than ssi
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Joined: Dec 2013
Posts: 28,527 Likes: 583
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 28,527 Likes: 583 |
I will know soon. I don't have all my paperwork in yet. I've been doing my own taxes every year since I was 18.
Edit: Take that back. I won't turn 65 until August 2026.
"When I say ever thing I mean ever thing." - Frankie
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Joined: Feb 2002
Posts: 46,163 Likes: 251
Freak of Nature
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Freak of Nature
Joined: Feb 2002
Posts: 46,163 Likes: 251 |
Deduction, not credit. Big difference. And that's one reason that I'm not an accountant 
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Joined: Jan 2017
Posts: 5,760 Likes: 75
12 point
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12 point
Joined: Jan 2017
Posts: 5,760 Likes: 75 |
This article is current and does a good job of explaining this Senior Tax Deduction. https://www.kiplinger.com/taxes/how-the-senior-bonus-deduction-worksI am OK with creating these deductions but anything like this always has income phase outs which always exclude certain income levels. I am not 65 yet but if I were it wouldn't matter, just like always, I would lose out. Same thing with Roth IRA's and other things throughout my working life. Taxes aren't fair and neither are these giveaways. OK, rant over!
"It is the mark of an educated mind to be able to entertain a thought without accepting it"
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Joined: Feb 2008
Posts: 13,892 Likes: 56
Booner
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Booner
Joined: Feb 2008
Posts: 13,892 Likes: 56 |
Make more sense to just cut taxes on SS pay...
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1 member likes this:
CAM |
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Joined: Mar 2018
Posts: 12,458 Likes: 26
Booner
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Booner
Joined: Mar 2018
Posts: 12,458 Likes: 26 |
So are we getting a hand out or no?
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Joined: Jul 2011
Posts: 40,044 Likes: 135
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 40,044 Likes: 135 |
Hand out , I look at as getting some of my $ back the Guvment will just waste. I can waste it , not near as good as them though. 
"Why do you ask"?
Too many people spend money they don't have , on things they don't need, to impress people they don't know.
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Joined: Mar 2004
Posts: 11,863 Likes: 8
Booner
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Booner
Joined: Mar 2004
Posts: 11,863 Likes: 8 |
Make more sense to just cut taxes on SS pay... I thought that was what "No taxes on Social Security" meant!! 
"Don't let a dead deer kill ya"
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