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Off-Topic No SS tax starting Feb 2026

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GOCANES05

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I just completed this years taxes at age 68 and noticed about $2500.00 increase in return from last year.

No more social security tax starting this year is this true ?
 
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GOCANES05 said:
I just completed this years taxes at age 68 and noticed about $2500.00 increase in return from last year.

No more social security tax starting this year is this true ?
Click to expand...

I believe Seniors get up to $6000 extra standard deduction until 2028
 
Tony4Canes said:
I believe Seniors get up to $6000 extra standard deduction until 2028
Click to expand...
It definitely was a welcome surprise this year . I just know it been a topic of discussion in government for a couple years of no SS tax .

I never understood why tax SS it was already taxed, double taxation never made sense.
 
This is a huge deal that SS is no longer taxed , for young works I guess SS won’t be taken out of paychecks correct?
 
GOCANES05 said:
I just completed this years taxes at age 68 and noticed about $2500.00 increase in return from last year.

No more social security tax starting this year is this true ?
Click to expand...


Noooo....

Either you hit the wage base (the salary amount after which FICA is no longer charged) before the end of the year, or else there was another benefit within you calculation.
 
GOCANES05 said:
It definitely was a welcome surprise this year . I just know it been a topic of discussion in government for a couple years of no SS tax .

I never understood why tax SS it was already taxed, double taxation never made sense.
Click to expand...


"Topic of discussion" and "Congress actually taking action" are two completely different terms.

As for SS being "double taxed", that is only true if you work AND you take social security. If you are retired and your income is made up of things like SS payments, 401(k)/IRA distributions, and interest/dividends, then your SS benefits are NOT taxed.
 
TheOriginalCane said:
"Topic of discussion" and "Congress actually taking action" are two completely different terms.

As for SS being "double taxed", that is only true if you work AND you take social security. If you are retired and your income is made up of things like SS payments, 401(k)/IRA distributions, and interest/dividends, then your SS benefits are NOT taxed.
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Good point very interesting hmmmm , I’m right there with you as I just retired and my thought and tax processing is in state of change, good stuf

Thanks
 
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TheOriginalCane said:
As for SS being "double taxed", that is only true if you work AND you take social security. If you are retired and your income is made up of things like SS payments, 401(k)/IRA distributions, and interest/dividends, then your SS benefits are NOT taxed.
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The point is that, depending on the circumstances, one’s social security income can be (and most often, is) taxed, which is a “double tax.”

Regardless of if I choose to work while collecting in retirement or not, that money should not be taxed once it is dispensed as social security income.
 
TheOriginalCane said:
Noooo....

Either you hit the wage base (the salary amount after which FICA is no longer charged) before the end of the year, or else there was another benefit within you calculation.
Click to expand...
And at $184k FICA wage cap this year, someone would have to make close to $3Mil by this point in the year to cap out, unless they are self employed and paying parole tax’s, then close to $1.5 mil.

Funny how people capping out, don’t get paid out, when they retire, at the same rate they paid in. 🤔
 
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