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2025 tax, in general
I guess I didn’t know about the new additional tax credit for seniors this year, until I seriously got into doing our taxes a couple of days ago. It’s $6,000 per person, $12,000 if you’re married filing jointly. It means we get a good sized refund, for the simple reason (I assume) that the tax withholding from pensions and social security didn’t take account of the new tax credit. Presumably means the IRS will be refunding billions more over the next couple of months, compared to a typical year.
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Re: 2025 tax, in general
Originally Posted by robin1234
(Post 13340709)
I guess I didn’t know about the new additional tax credit for seniors this year, until I seriously got into doing our taxes a couple of days ago. It’s $6,000 per person, $12,000 if you’re married filing jointly. It means we get a good sized refund, for the simple reason (I assume) that the tax withholding from pensions and social security didn’t take account of the new tax credit. Presumably means the IRS will be refunding billions more over the next couple of months, compared to a typical year.
https://www.irs.gov/newsroom/one-big...ns-and-seniors |
Re: 2025 tax, in general
Originally Posted by MidAtlantic
(Post 13340720)
Not exactly. The deduction gradually phases out when adjusted gross income reaches $75,000 for single filers and $150,000 for joint filers.
https://www.irs.gov/newsroom/one-big...ns-and-seniors |
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