The GOP tax overhaul kept this $1,300 tax break for seniors

[libertybele]

The GOP tax overhaul kept this $1,300 tax break for seniors

* GOP bill doubles standard deduction to $12,000 for singles,  $24,000 for married couples.
* Individuals over 65 or blind -- and married -- can claim at least $1,300 more in deductions.
* The break is $1,600 for singles.


Seniors can still grab this tax break under the new tax law: the additional standard deduction.

The "Tax Cuts and Jobs Act," which President Donald Trump signed into law on Dec. 22, doubles the standard deduction to $12,000 for single filers and $24,000 for joint filers who are married.

The legislation also leaves intact the additional standard deduction for filers who are 65 and over or blind, allowing them to claim an additional $1,300 when they file their 2018 taxes.

This means that two married taxpayers who are both over 65 can lower their taxable income by an extra $2,600.

Single filers who are blind or over 65 are eligible for a $1,600 additional standard deduction, on top of the $12,000 they get from the new tax law.

https://www.cnbc.com/2017/12/22/the-gop-tax-overhaul-kept-this-1300-tax-break-for-seniors.html

[RetBobbyMI]

Great...for me   

[libertybele]

Great...for me   

So far....however, rumors are floating around that he's going to revamp SS, Medicare and Medicaid.  I realize the system can't sustain as is (or say they tell us), but imagine IF Trump and the GOP somehow keep benefits for those 60 and over or 55 and over and make it to where our kids will actually get $$ that they've been paying into the system.  Taking people's money while telling them that the pot that they are forced to put into is not going to exist for them is out and out stealing!!

[Oceander]

So far....however, rumors are floating around that he's going to revamp SS, Medicare and Medicaid.  I realize the system can't sustain as is (or say they tell us), but imagine IF Trump and the GOP somehow keep benefits for those 60 and over or 55 and over and make it to where our kids will actually get $$ that they've been paying into the system.  Taking people's money while telling them that the pot that they are forced to put into is not going to exist for them is out and out stealing!!

You mean going with Ryan’s plan for reforming entitlements?

[Fishrrman]

"The break is $1,600 for singles."

Really?
That's great news.

Lemmeesseee here....

I put together my own spreadsheet trying to see if I'd derive any extra benefit from the tax cuts. I'm retired and will deliberately keep my gross under 60,000.

With [what I thought was] the 1,300 exemption, I'm estimating I could save around $950 or so (very rough estimate).

But with a 1,600 exemption, it's $988. Even better!