How Will This New Bill Affect Your Taxes?

OneEyedDiva

OneEyedDiva

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New Jersey
This article gives information about how people will be affected by the Big Beautiful Bill tax changes based on what category they are in. It also has a chart for what's carried over from 2017 and what's new. Use the down arrows to read more about each deduction. Keep scrolling to see what people can expect at tax time based on what category they are in.
https://www.hrblock.com/tax-reform-...id=102365908&mc_sd=20250902&emlink=37793_7698
 

My understanding is that anyone age 65 plus will get a $6000 tax credit and if filing jointly and both age 65 plus will get a $12,000 tax credit starting on tax year 2025. So I would think most everyone on this forum should see reduced federal taxes. That is unless you already pay no federal tax.
 
Since we are both retired and have only income from my Social Security and our investments I think we will see a benefit. Thanks for sharing @OneEyedDiva!

On a side note, Hubby and I married in late 2015 and started filing jointly. We have not seen one benefit from that and our tax accountant confirmed it. One huge benefit is that I went on his health insurance for a while and that we have legal say in health emergencies.
 
seadoug said:
Since we are both retired and have only income from my Social Security and our investments I think we will see a benefit. Thanks for sharing @OneEyedDiva!

On a side note, Hubby and I married in late 2015 and started filing jointly. We have not seen one benefit from that and our tax accountant confirmed it. One huge benefit is that I went on his health insurance for a while and that we have legal say in health emergencies.
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You're welcome, of course Doug. Here's hoping we both see benefits! Those benefits you mentioned are very important.
 
We will see no changes. Although, if they stop taxing SS, that would help in a small way, since we get taxed on 85% of Spouse's SS. But he doesn't get a big SS check anyway; his employer only contributed for his first 17 yrs and then the employees voted to withdraw from SS and set up the 403b plan instead. Since for many years he was the lowest paid employee at the company, his earnings total wasn't impressive, LOL.

Last year the portfolio did so well we got socked with capital gains - plus we ran out of losses to offset - so we're having to prepay 2025 taxes. Ouch ouch ouch ouch......and next year his RMDs start, which will require us to manage our charity donations more carefully.
 
Lethe200 said:
We will see no changes. Although, if they stop taxing SS, that would help in a small way, since we get taxed on 85% of Spouse's SS. But he doesn't get a big SS check anyway; his employer only contributed for his first 17 yrs and then the employees voted to withdraw from SS and set up the 403b plan instead. Since for many years he was the lowest paid employee at the company, his earnings total wasn't impressive, LOL.

Last year the portfolio did so well we got socked with capital gains - plus we ran out of losses to offset - so we're having to prepay 2025 taxes. Ouch ouch ouch ouch......and next year his RMDs start, which will require us to manage our charity donations more carefully.
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I feel terrible that you have to pay taxes on earnings, it's heartbreaking. And on top of that you'll give money away to avoid paying taxes, you are a saint!
 

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