In 2026, Florida's retirees will see financial benefits from a new legislation that exempts Social Security benefits from federal income tax. This change is expected to provide relief in a state facing housing affordability and insurance issues. The law increases the percentage of seniors owing no federal income tax on Social Security from 64% to 88%, adding 14.2 million retirees to the tax exemption list. A senior tax deduction of $6,000 for individuals and $12,000 for couples is introduced, which is declared as the largest tax break in history for seniors.
The legislation introduces a senior deduction that exempts most Social Security benefits from federal income tax, potentially offering significant relief for older homeowners facing housing affordability issues.
The One Big Beautiful Bill raises the share of seniors who owe no federal income tax on Social Security from 64% to 88%, amounting to 14.2 million retirees gaining tax exemption.
The new law includes a $6,000 senior tax deduction for individuals and $12,000 for married couples, marking the largest tax break in history for America’s seniors.
With approximately 4.9 million Floridians aged 65 or older, 4.8 million of those seniors are expected to benefit from the tax-free status of Social Security income.
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