ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money, Sunday tax edition. Between now and April 15, we'll be briefing some of our most popular stories about Tax Season 2025. |
Today, we'll look at some tax issues that impact older Americans. |
Millions of Americans are getting a little extra Social Security cash, but advisers warn it may also mean a little extra taxes. |
The Social Security Fairness Act eliminates the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which reduce Social Security benefits for about 3.2 million public-sector retirees who also receive pension income. The law's effective date is retroactive to January 2024, so many beneficiaries are getting a one-time retroactive payment that could amount to thousands of dollars, as well as higher monthly benefits starting this year. |
Which states tax Social Security? |
The annual cost-of-living adjustment Social Security recipients receive is both a blessing and a curse. |
On the one hand, additional money is welcome. On the other, those extra dollars can boost incomes just enough so beneficiaries have to pay more taxes. |
It's not only the federal government that will tax Social Security if total income exceeds certain amounts. Ten states also will levy a tax this year . |
How seniors can save big on taxes |
It's a good time to be an older American, at least for taxes. There are two items that only older adults can use to save a little this year and, maybe, a little extra next year on taxes. |
Americans ages 65 years and older can claim the extra standard deduction this year. Some people aged 60 to 63 can set themselves up now for even more savings in 2026 using super catch-up contributions. |
📰 More stories you shouldn't miss 📰 |
Between now and April 15, The Daily Money will deliver weekly summaries of news, trends and all you need to know about Tax Season 2025. |
Daniel de Visé covers personal finance for USA Today. | | | | Social Security Fariness Act payments are coming soon to millions of Americans. But that boost could also raise their taxes. What to know. | | | | Which states tax Social Security? Most states don't tax Social Security but some do. Here's which ones they are, and how they might do it. | | | | Being older has its benefits. Here are two items exclusively for older adults that can help them save on taxes. | | | | Everyone wants a tax break. Over the years, some Americans have tested limits for what they can take as a tax deduction. Here are some they've won. | | | | If you've moved abroad, there's always one thing that brings you back home: taxes. Americans are subject to US taxes no matter where they earn money. | | | | The IRS no longer will issue paper checks or take payments by check under an order from President Trump. The aim is to boost efficiency and cut fraud. | | | | President Donald Trump proposed several substantive and not-so-substantive changes to tax policy, but which have become real? | | | | There are some strategies that can help you reduce your liability if you sold a home in the previous year. | | | | Many are talking about claiming a 2021 recovery rebate credit. But do you qualify? And what do you need to do to claim it? | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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