OMG Krasnov Lied About No Tax On Social Security

[gab13by13]

I just filled out my 1040 tax form. When I got to the line for Social Security income I expected to be directed to enter zero.

Oh Dear, I had to go through that cumbersome SS worksheet again and when I finished the ordeal, "voila," I had an amount to enter for taxable Social Security income.

I'm guessing that unwashed Magats don't do their own taxes so they will never know, and even if I tell them, they won't believe me, I'm a Democrat.

Oh and I posted before about not getting my SSA 1099 tax forms, I never did get them. I was able to copy them from my online account.

Wondering how much more Krasnov's billionaire cronies got back? Oh yeah, they don't get a paycheck, they don't have taxable income they live off their expense accounts.

[malaise]

1. He lies more than a corpse

That is all

[calimary]

15. GOOD one!

[Javaman]

2. K & R nt

[SergeStorms]

3. The MAGA messiah.........lied?

Say it ain't so. Please, say it ain't so!

Suckers!

[surfered]

4. It was inaccurately described. Taxpayers over 65

receive a $6,000 increase in their Standard Deduction, which is reduced if their taxable income exceeds certain limits.

[MadameButterfly]

8. now I remember. It was too late (or too complicate) to change the tax codes

so he did it this way.

[senseandsensibility]

10. Is that for a couple or an individual?

Just wondering.

[state of stupid]

16. It is 6,000 for singles, 12,000 for couples

[W_HAMILTON]

39. Yes, the OP already said that Trump lied about this.

By """inaccurately described,""" I assume you mean Trump as well since he was the one lying about it in the first place.

PS - People will be finding out the hard way that he also lied about """no tax on overtime""" and """no tax on tips."""

[Greg_In_SF]

5. It was always

0% only for singles under $25,000 and 0% only for married under $32,000.

[surfered]

9. For a married couple both over 65 with taxable income of $150,000 or less,

their Standard Deduction is increased by $12,000 ($6,000 each).

[llmart]

42. Correct except for it's over 65 with adjusted gross income of $150,000 or less.

and if you're single it's $6,000 but only if your adjusted gross income is $75,000 or less.

[haele]

7. Spouse's SSA 1099 didn't get to us until last week.

It typically comes in the first week of January. Thanks DOGE.

[Tree Lady]

14. I didn't think about it until this thread

But I only got 1 of the tax documents I normally get. Didn’t get hubbies 1099 for pension or SS one. Didn’t get any interest from company that took over my mortgage, nor from bank.

All of these I can look up online and print. I think it’s a combo of T firing a ton of IRS agents, post office takes weeks longer to deliver and no one cares anymore.

I am starting taxes today. Fed is easy, state takes a bit longer.

[Wiz Imp]

48. The IRS has nothing to do with mailing out tax forms.

The SSA-1099 (for Social Security) is mailed out by the Social Security Administration. 1099-R (for pensions) is mailed by the company overseeing the pension. 1099-INT (for interst) is mailed by the banks or whoever is paying the interst. Also IRS agents have nothing to do with the regular filing of normal returns. Their job is to conduct audits and investigate possible fraud or non-cmpliance with returns already filed.

[Tree Lady]

63. I know the IRS doesn't have anything to do

With it mostly post office I should have left out irs. I used to be bookkeeper so have done my own taxes all my life.

[llmart]

44. I had no problem getting mine.

It was the first to come in. By law (remember that thingy called "law"?) they have to be sent out by January 31st. One of my pension 1099R's came today.

[MichMan]

11. The extra $6000 deduction was nice to have this year

[AZ8theist]

19. While I agree with you......

...was it worth cutting off health care for millions of Americans? I'm not so sure.

Plus, that extra deduction is for the next 4 years, then disappears.

[MichMan]

22. Maybe the next congress will campaign on letting it expire

[gab13by13]

23. He didn't get an extra 6k, no one did.

[MichMan]

29. I got $6000 deducted from my taxable income

That means my taxes were reduced by my (tax bracket x $6000)

I am just on the process of filing once I get info on a couple of small dividends.

[gab13by13]

21. I call BS,

Wife and I made 1 thousand dollars more this year than last year, SS.

With that extra 12k deduction our SS taxable amount went up 450 dollars this year.

I admit I did my taxes in a hurry but I rarely make a mistake.

No one is getting that 6k or 12k, those amounts are simply used to lower your amounts in the calculation of your taxable amount.

As I said, I will double check my numbers later, but wife and I made 1k more Social Security this year, and our taxable Social Security went up 450 dollars.

[MichMan]

25. Yes. that is how deductions work

They reduce your taxable income. Just like SALT, mortgage interest and the myriad of other deductions that have been around for years.

[D_Master81]

26. Correct

The 6,000 amount is just taken off your income amount you pay tax on.

[MichMan]

30. Just like every other deduction had been forever

Itemized deductions or the standard deduction are the same process

[AZ8theist]

28. Did the additional income put you in a higher tax bracket?

That could be the cause.

[llmart]

45. I am thrilled that Michigan doesn't tax Social Security any more.

Thanks to Governor Whitmer!

[wishstar]

12. Just 1040 isn't enough to get new credit but additional form 1-A is also needed

In order to claim the extra deduction of either $6,000 or $12,000, a supplemental form 1A must be completed and attached.

1040 and its Standard Deduction table does not explain anything about the extra deduction and necessary extra form required in order to put the amount onto the 1040 on correct line. I had to look it up to figure out how to claim the new deduction as it wasn't obvious from just the 1040 for Seniors.

[FakeNoose]

20. Thanks for the tip, I wouldn't have known that

Normally I do the short form.

[gab13by13]

24. OK, thank you for that information,

Never mind my other posts.

[questionseverything]

36. I think it's good you brought it up so it could be explained

[twodogsbarking]

13. If you are taxed on SS there is a double whammy. Not only do you pay tax on SS but it is added to your

taxable income. Also no income reduction for paying for health insurace and medicare premiums . Trump couldn't pass third grade.

[Wiz Imp]

49. Incorrect.

If your income is high enough that you have to pay taxes on your SS, you only pay it once. There is no double counting of it or "double whammy" as you imply.

[DFW]

58. It took some research on the part of the accountants, but this appears to be true, but with several caveats.

For US citizens abroad, we get taxed at the full amount in the country of residence, no deductions, but we are not taxed in the USA. I wish it were that was for all income. A 50% income tax would be paradise compared to what I'm up against now. Here in Germany, I get taxed at 50% of the Social Security payout, no 15% deductions like US residents get. Also, since I still work for a U.S. employer and am paid in the USA, I also pay $9900 to the IRS in Social Security taxes deducted from my US wages. This leaves me, net effect, with about a 33% net take-home on what Social Security pays me out every month. Actually, due to Germany's denying relevant parts of the Double Taxation Treaty, this is pretty much in line with the approximate 73% effective income tax rate I have to pay between the USA and Germany. According to the latest form I got from Social Security, my 2026 monthly payout is about $5000, or $60,000 a year. The Germans take out half of that in taxes, so, I'm down to $30,000 a year. The USA takes $9900 in Social Security taxes, so that leaves $20,100 out of $60,000 that stays with me at the end of the year. It's better than nothing, and I have no say in the matter anyway. The German government definitely gets the best part of that deal.

[iemanja]

17. They don't care

Just like they don’t care that Trump is a pedophile.

[SunSeeker]

18. I never got my SSA 1099 tax forms either. nt

[sakabatou]

27. He lied?!

[MichMan]

31. I don't believe anyone is required to take the additional $6000 senior deduction

[questionseverything]

35. Post # 12 explains things politely, kindly and helpfully

[gopiscrap]

32. Why the fuck are you surprised?

that orange anus lies about everything

[Auggie]

33. 1040SR

Form for seniors

[gab13by13]

38. Yeah, it's just bigger letters,

[Auggie]

56. Meant for Seniors

[BidenRocks]

46. I never noticed an SR form before.

SS and a small pension usually cost me $2500 a year in taxes.

This year I owe $0

Savings? not with high prices!

[Auggie]

55. It was introduced a few years ago

[617Blue]

34. Where's my DOGE check?

[gab13by13]

37. OK, I found the supplemental form,

I redid my taxes and included the 12k Krasnov deduction.

Wife and I will get back $1,430 dollars more refund than last year, we are not getting 12k.

Everyone thinks they are getting 6k or 12k back from Krasnov and that is total bullshit.

I'm getting $1,430 more.

[MichMan]

40. Everyone does not think they are getting back an extra $6000 or $12000 if they have any understanding how taxes work.

Most people that has filled out taxes for decades, like those of us over 65 have, understand how deductions work.

Of course there is always a certain number of people that just aren't very bright. Like George Carlin said "Think about how stupid the average person is and remember that half are even more stupid than that" I suggest they pay a professional to do their taxes.

I use a commercially available $30 software program.

[gab13by13]

43. I sent mine in the mail because I didn't want to pay

someone for something I can do.

We have people come to our senior center to do taxes for free. I have mine already filled out but I go there for them to send it in.

There is nothing that I see on the 1040 form that directs one to Supplemental form 1-A for Krasnov's deductions.
I guess I should have assumed that additional deductions were his deductions.

I am just glad that people can watch for this now.

[llmart]

54. I learned how to do taxes when I was 18 and worked at a law firm.

I have done our taxes for sixty years, but I usually keep up on the things that pertain to my and my then-spouse's situations and not every single law there is. I have made an error or two - usually minor over those years, and some of the years I was married were rather complicated due to my husband's work. There was only one year in the more recent past where I took my taxes to H&R Block, not because I didn't know how to do them, but for other personal reasons. I got them back and immediately looked them over and saw that the person who did them forgot about a new law that would have given me more money back. It was just a simple 1040 with an attachment or two, but for that I had to pay $200 to have them done incorrectly? I called her up the next day, told her she had forgotten about the new law and she didn't even act like it was such a big deal, just said something like "OK, I'll fix it and you can pick up the new forms". No "I'm so sorry" or "we'll credit you some money back." Nothing.

So, don't feel bad if you missed something because you wanted to save some money on a professional. They're not always right.

As a side note, I've already decided that if I owe this year (which I probably will), I'll wait until the last day possible to send it off. My sister wants her and I to just not file this year to make a statement about how we don't want our tax money to go to funding fascism, but I guaranteed her that if we did that we'd be arrested the next day.

[littlemissmartypants]

41. Article from Kiplinger* about the change.

New $6,000 'Senior Bonus' Deduction: What It Means for Taxpayers Age 65 and Older

https://www.kiplinger.com/taxes/how-the-senior-bonus-deduction-works

*American publisher of business forecasts and personal finance advice

[aggiesal]

47. Shocked, Shocked I say, that Mierda47 told a lie. n/t

[EndlessMaze]

50. Y'all are correct

The 6K per person only lowered the standard deduction. SS is still being taxed.

[avebury]

51. I received notice of a preliminary 1099

at the end of December which should suffice for tax purposes as I received my December payment earlier in the month.

[OC375]

52. They'd Better Keep Taxing It!

Those taxes go towards funding SS, unless I'm totally mistaken.

[MichMan]

59. They go into the same pot as all the other income taxes and aren't directed towards SS

[wishstar]

62. The Federal taxes on Social Security do go into Trust Funds

"Under legislation enacted in 1983, the Social Security Trust Funds receive income based on Federal income taxation of benefits. The funds receive taxes on up to 50 percent of benefits from single taxpayers with incomes over $25,000 and from taxpayers filing jointly with incomes over $32,000.

Legislation enacted in 1993 extended taxation of benefits. The legislation increased the limitation on the amount of benefits subject to taxation from 50 percent to 85 percent for single taxpayers with incomes over $34,000 and for taxpayers filing jointly with incomes over $44,000. All additional tax income resulting from the 1993 legislation is deposited in Medicare's Hospital Insurance Trust Fund."

The above is from official SS website linked on my previous post.

[wishstar]

61. You are correct according to this info on official Soc Sec website:

https://www.ssa.gov/OACT/ProgData/taxbenefits.html

"Under legislation enacted in 1983, the Social Security Trust Funds receive income based on Federal income taxation of benefits. The funds receive taxes on up to 50 percent of benefits from single taxpayers with incomes over $25,000 and from taxpayers filing jointly with incomes over $32,000.

Legislation enacted in 1993 extended taxation of benefits. The legislation increased the limitation on the amount of benefits subject to taxation from 50 percent to 85 percent for single taxpayers with incomes over $34,000 and for taxpayers filing jointly with incomes over $44,000. All additional tax income resulting from the 1993 legislation is deposited in Medicare's Hospital Insurance Trust Fund."

In fact, the reason why the new deduction was enacted instead of removing taxation of SS was because of this provision that would have made it much more complicated because it would have affected the trust funds adversely.

[IcyPeas]

53. My head hurts just from reading all this. It's confusing and complicated....

like signing up for medicare was.

Do other countries have such confusing tax rules and forms?

Math 🥴and numbers 🤪seriously cause some anxiety😵‍💫 for me

However, I do appreciate reading through these posts.

[MichMan]

60. Most other countries have income taxes plus a VAT

You pay 15-20% VAT on everything you buy.

[MerryBlooms]

57. I'm still waiting on tax docs for me and my sis

Sometimes tax paperwork from my union don't come until June
Before anyone chimes in with the usual, That doesn't happen! You need to contact your union!, comments, just don't go there. It happens every year, and it's a pain in the butt.
We've been complaining for years
Also, people Not in SEIU 503, just hush, you don't know what you're talking about
Same with local elections. If you're not registered to vote in that district, hush. Only the folks there witnessing and reporting know.

[Jacson6]

64. Isn't it just a deduction for up to a certain amount? I'm on SSA, but my pay is too low to be taxed. n/t