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Income Thresholds

All articles tagged with #income thresholds

finance1 month ago•3 min saved

New $6,000 Tax Break for 65+ Could Lift Refunds for Millions through 2028

AARP says the new $6,000 deduction for Americans 65+ could boost refunds by about $670 on average in 2025, with some in the 22% tax bracket saving up to $1,320. The deduction, added to an existing $2,000 senior deduction, provides $6,000 per qualifying individual ($12,000 for couples) and phases out above $75,000 single or $175,000 married, while still applying whether you itemize or take the standard deduction. It lowers taxable income (not Social Security benefits directly) and runs through 2028, with eligibility requiring age 65 by end of 2025 and a work-authorized Social Security number. The IRS begins accepting tax filings on Jan. 26.

via CBS News|

#2025-tax-season #65-and-older #aarp

finance2 years ago•1 min saved

2024 Tax Bracket Changes: Essential Information

The Internal Revenue Service has announced that tax brackets will be adjusted in 2024 to account for inflation, with an increase of 5.4%. This is intended to prevent "bracket creep" and ensure that taxpayers are not pushed into higher tax brackets without an increase in real income. The federal income tax will continue to have seven rates, ranging from 10% to 37%. The new tax brackets will apply for taxes paid in 2025.

via AL.com|

#2024-tax-changes #finance #income-thresholds

finance2 years ago•1 min saved

"Minnesota's Tax Rebate and Legislative Updates: What You Need to Know"

Minnesota lawmakers have agreed to send tax rebates to eligible taxpayers with adjusted gross incomes of up to $75,000 for individuals and $150,000 for couples who filed jointly. The rebates are expected to be $260 for individuals and $520 for couples, with an additional $260 per dependent for up to three dependents. The revenue department will use tax year 2021 individual income tax or property tax refund returns to determine eligibility and distribute the tax rebate payments via direct deposit or checks starting this fall. Taxpayers will not have to apply for this payment, but those who have changed their bank information or address since filing their 2021 return will need to update their information with the revenue department through a secure online portal.

via MPR News|

#checks #direct-deposit #finance