The One Big Beautiful Bill Act establishes a new tax deduction for seniors, offering $6,000 for individuals and $12,000 for couples over 65. This deduction, combined with the existing standard and additional age-based deductions, can sum up to $23,750 for singles and $46,700 for couples. As a result, 88% of seniors nationwide may not pay taxes on their Social Security benefits, a significant increase. Nevada's senior population, approximately 550,000, stands to benefit greatly from these provisions, potentially enhancing their financial situations during retirement.
The centerpiece of the OBBBA is a new tax deduction for seniors: $6,000 for individuals over age 65, and $12,000 for married couples filing jointly if both are over 65.
The White House calls it 'the largest tax break in history for America's seniors,' emphasizing that the goal is to help retirees 'save more of their money' during retirement.
With these changes, 88% of seniors nationwide are expected to pay no federal tax on their Social Security benefits-up from just 64% under prior law.
Federal projections indicate that all 500,000 seniors in Nevada are expected to benefit from the new Social Security tax exemption.
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