New tax deduction for retirees — here’s exactly how Social Security users can qualify

A new tax deduction may help seniors lower their taxable income and reduce chances of paying tax on Social Security. People aged 65 and above with income under limits can qualify.

Key takeaways

Quick scan — what you need to know:

• A new tax deduction may help seniors lower their taxable income and reduce chances of paying tax on Social Security.
• People aged 65 and above with income under limits can qualify.
• The benefit lasts until 2028 and can be added to other deductions.
• This change, along with a new retirement report, is making many Americans rethink when they can retire.

Background

What led here, in plain terms:

• A new tax deduction may help seniors lower their taxable income and reduce chances of paying tax on Social Security.
• People aged 65 and above with income under limits can qualify.
• The benefit lasts until 2028 and can be added to other deductions.
• This change, along with a new retirement report, is making many Americans rethink when they can retire.

Why it matters

Why readers and decision-makers should care:

• A new tax deduction may help seniors lower their taxable income and reduce chances of paying tax on Social Security.
• People aged 65 and above with income under limits can qualify.
• The benefit lasts until 2028 and can be added to other deductions.