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Trump’s New Tax Law: Retirees Can’t Afford to Waste the
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Trump’s New Tax Law: Retirees Can’t Afford to Waste the Next Four Years
#Trumps #Tax #Law #Retirees #Afford #Waste
“Devin Carroll, CFP®”
Trump’s New Tax Law Is Signed. Retirees Have a 4-Year Window to Act ⏱️ The new tax law is official, and if you are retired or …
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Thanks to the gang of regular viewers who love the details, there are two mistakes. The are fairly small, but could make a big difference for some viewers. In the video, I said "older than 65" when referencing the senior deduction. What I should have said is "65 or older." The actual text of the law reads:
“(ii) QUALIFIED INDIVIDUAL.— For purposes of clause (i), the term ‘qualified individual’ means—
(I) the taxpayer, if the taxpayer has attained age 65 before the close of the taxable year, and
(II) in the case of a joint return, the taxpayer’s spouse, if such spouse has attained age 65 before the close of the taxable year.”
The other mistake I need to clear up is about the income phaseout for couples who are married filing jointly. I originally said the deduction phases out completely at $350,000 of income, but that’s not quite right.
Here’s what the actual language says:
“The amount of the deduction shall be reduced (but not below zero) by 6 percent of the amount by which the taxpayer’s adjusted gross income exceeds
(i) $75,000 for single filers, and
(ii) $150,000 for joint filers.”
At first glance, if you apply that to a $12,000 deduction for a couple (two people age 65 or older), 6 percent of $200,000 gives you $12,000 — which is how I got to $350,000. But that’s where I slipped up.
The deduction is actually calculated per person, so the real phaseout happens when the income is high enough to fully eliminate the $6,000 per person, not the combined amount. That means the deduction phases out completely at $250,000 of income for a couple, not $350,000.
Thanks to those of you who caught that. It’s a subtle detail, but it makes a big difference for higher-income households trying to plan around this benefit.
Appreciate everyone who caught that!
A lot of yapping about NO taxes for seniors.
You keep saying that the senior bonus applies to those "over 65" (ie. 66 and older) but I believe it is actually those "65 and older"
President Trump wants to eliminate all income taxes on seniors at age 65 and higher. I live in a care home, and this will help a lot. My medical expenses are a lot, too.
Not really
Without the BBB your tax rate would have increased by at least 3%. Like 12% to 15%, or 22% to 25%. That is a lot of tax savings.
I'm retired 63 years old. I collect social security. My wife still works she is younger. I have to pay federal taxes on MY social security because she works. BULLSHIT!!!!!
This is great for retires on pensions less than 75ks over 65.
I did all the right things during my working years, 401k, saving, investing, IRA, ROTH IRA, NOW when I need the money, they want to TAKE a big chunk back in taxes when I do a conversion, it's like you are NOT going to enjoy your retirement, never do a REG. IRA, they did not have ROTH IRA'S when I started, that is what I started with. They get you coming and going.
What if one spouse is over 65 and the other is not, and filing Jointly. Would the spouse over 65 still get the additional $6,000 of Standard Bonus Deduction?
Until 1984 social security was not taxed. You can thank republicans for putting the tax on SS in the first place.
No tax which the World swamp Looted + Slavery Trust will never come back tax used against the world populous what a crock.
Devin, you are such a bull shit artist. Having a show that tells the truth doesnt get you views I guess? You are a total scumbag.
Everyone glosses over the permanent change to the tax code, which is HUGE. Thank you for another great video.
I thought TRUMP was going to fix the “rigged tax system” why don’t we have a flat tax so that we don’t need all this “advise”?????
Everyone thinking for themselves! What about these kids that has to deal with this bs debt? It’s crazy that y’all voted in this antichrist felon as your president. Y’all no different from the Nazi & like them you lost billionaires win. How can up belief disrespectful or trust someone that thinks like a King? The problem is as long as it isn’t you who gives a Fuk!
THE FOUR YEARS AHEAD OF US ARE GOING TO BE FUCKING HELL!!!!!!!!!!!!!DON'T KID YOURSELF
I have a modest stock portfolio outside my retirement ones. The tax breaks were helpful to me and I'm not exactly rich since I make less than $50k per year. Too bad the left works day and night for illegal immigrants, criminals, themselves and anyone but American citizens. Team R is not much better just less bad at times.