The One Big Beautiful Bill Act provides a senior deduction that exempts Social Security income from federal taxes, benefiting around 200,000 retirees in Montana. Most seniors will not pay federal income taxes on their Social Security benefits, with 88% expected to be tax-free nationally. A new senior-specific deduction of $6,000 for individuals and $12,000 for couples, in addition to existing deductions, heightens this benefit. Montana's elderly population, representing over 20% of residents, will feel significant financial relief, along with projected wage increases that enhance take-home pay.
Under the One Big Beautiful Bill Act (OBBBA), approximately 200,000 Montana retirees will benefit from a senior deduction that exempts Social Security income from federal taxes.
The policy stipulates a new senior-specific deduction of $6,000 for individuals and $12,000 for married couples, on top of existing deductions.
Nationally, the initiative is expected to ensure that 88% of seniors will not pay federal income taxes on Social Security benefits, up from 64%.
Montana, with about 230,000 residents aged 65 and older, stands to greatly benefit from this tax exemption as seniors represent over 20% of the state's population.
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