Social Security

[The Wiz]

Requested a replacement card. Filled out all info online that was required and then had to make an appt, July 31st to verify my ID. at a local office. Funny thing was she applied for a replacement a couple of weeks ago and they are sending to her in the mail. The wife said it was probably because I was so old and they wanted to make sure I was still upright. That women has a mean streak in her at times.

[Cofisher]

They're like that. Good luck

[CT_Shooter]

The wife said it was probably because I was so old and they wanted to make sure I was still upright.

Funny girl!

I'm in my seventies and hadn't had a card since the nineteen-seventies. A few months ago, for no good reason, I decided to apply for a replacement, which arrived a short time later by mail.

Even though you have an appointment, I hope you don't have to wait long.

[Ernie]

Sent mine in the mail, she may be right

[cooperhawk]

The wife said it was probably because I was so old and they wanted to make sure I was still upright. That women has a mean streak in her at times.

Don't they all.

[Vaquero]

The wife said it was probably because I was so old and they wanted to make sure I was still upright.

Funny girl!

I'm in my seventies and hadn't had a card since the nineteen-seventies. A few months ago, for no good reason, I decided to apply for a replacement, which arrived a short time later by mail.

Even though you have an appointment, I hope you don't have to wait long.

Sixty-six here and I lost my wallet deer hunting back in the late 70s early 80s.
I never replaced it.

RP

[Mags]

I still have my original. But it is badly faded.

[BigAl52]

I laminated mine so it wouldnt deteriorate. If you wear hearing aids just say huh to your wife and find out how mean they can be. i get ZERO tolerance for mine and my wife ran an assisted living home for 30 years.

[dave77]

I still have my original but haven't carried it for many years. Just looked at it and you can make out the number OK but the name is barely readable.

I don't know why you would ever need it but who knows, the way things are going they may decide to only give SS benefits to people that still have their original card.

[GFK]

I got an E-mail about tax break benefit on Social Security. So, things are looking up.

[GunnyGene]

I got an E-mail about tax break benefit on Social Security. So, things are looking up.

Don't be fooled by that $6,000 number the press is throwing around. It's a tax deduction, not a benefit. It simply deducts 6grand from your current SS income, which only reduces what you owe the IRS by a small amount. You might save a couple hundred on your IRS return for the next 4 years, and then it goes away unless there's another bill to extend it before then. The gov't is not going to be handing out $6,000 annually to millions of old folks.

[Mags]

The deduction limitation on property taxes and mortgage interest was raised from $10K to $40K. I itemize so that will help too.

[Mags]

On the down side the SS COLA will be way underwater. Here, electric rate went up 24% and other utilities 11-22% outside of the 3rd quarter of when the COLA is calculated.

[GFK]

I got an E-mail about tax break benefit on Social Security. So, things are looking up.

Don't be fooled by that $6,000 number the press is throwing around. It's a tax deduction, not a benefit. It simply deducts 6grand from your current SS income, which only reduces what you owe the IRS by a small amount. You might save a couple hundred on your IRS return for the next 4 years, and then it goes away unless there's another bill to extend it before then. The gov't is not going to be handing out $6,000 annually to millions of old folks.

I guess it depends upon how much income a person has. At any rate, every little bit helps:

https://www.whitehouse.gov/articles/202 ... iful-bill/

[GunnyGene]

I got an E-mail about tax break benefit on Social Security. So, things are looking up.

Don't be fooled by that $6,000 number the press is throwing around. It's a tax deduction, not a benefit. It simply deducts 6grand from your current SS income, which only reduces what you owe the IRS by a small amount. You might save a couple hundred on your IRS return for the next 4 years, and then it goes away unless there's another bill to extend it before then. The gov't is not going to be handing out $6,000 annually to millions of old folks.

I guess it depends upon how much income a person has. At any rate, every little bit helps:

https://www.whitehouse.gov/articles/202 ... iful-bill/

Correct. Anyway, if you do your own return, rework last years return with that $6,000 deduction from your SS to get a pretty close estimate of how it will effect your 2025 return next April. I did that a week or so back, and I'll get about $240 increase in my return than I got last year. Basically pocket change, I spend more than that on groceries every month and I'm the only one eating them.

[dave77]

So the $6000 can only be used on SS income, can't be used on pension income?

[Mags]

So the $6000 can only be used on SS income, can't be used on pension income?

Has nothing to do with income source. It's an age deduction (for seniors) that gets added to the standard deduction.

In 2024 the standard deduction for Married/Joint return was $29,200.
The senior 'age' adder was $1150 per person. In 2025 the senior age adder is going to be $1600. This gets bumped to an additional $6K each if you and spouse fully qualify (there is an upper income limit).

For 2025-2028 years the new additional deduction can be claimed by seniors if the joint MAGI is less than $250K. There is a 'but' though. The $6K for each person is phased out between a joint MAGI of $150K and $250K.

Similarly for senior single filers. Phase out begins at $75k and ends at $175K

[GunnyGene]

So the $6000 can only be used on SS income, can't be used on pension income?

Has nothing to do with income source. It's an age deduction (for seniors) that gets added to the standard deduction.

In 2024 the standard deduction for Married/Joint return was $29,200.
The senior 'age' adder was $1150 per person. In 2025 the senior age adder is going to be $1600. This gets bumped to an additional $6K each if you and spouse fully qualify (there is an upper income limit).

For 2025-2028 years the new additional deduction can be claimed by seniors if the joint MAGI is less than $250K. There is a 'but' though. The $6K for each person is phased out between a joint MAGI of $150K and $250K.

Similarly for senior single filers. Phase out begins at $75k and ends at $175K

I'm probably as confused as everyone else about all this, so I'll wait until next year and let HRBlock figure it out.

https://www.hrblock.com/tax-center/irs/ ... #obbba2025

[GFK]

I have been using Tubo Tax, to account for the lastest tax laws. It is ashame though. It seems like life would be easier with a flat tax. Yet, that mean that people might be able to keep an eye on crooks.

[Hatchdog]

While this may not lead to huge savings for us seniors at least it’s something for us. Seems like throughout my life government programs to save us money were always just out of reach. Rarely are there any considerations for the elderly and we do appreciate that the current administration included seniors in the BBB.