If you're 65 or older and call the Sunshine State home, there's a pretty high chance you're getting a Social Security check each month.
That's because more than eight of every 10 Floridians in this age group receive checks. And in general, Florida has one of the highest numbers of people who receive Social Security benefits. More than 5 million get some income from the program — one of every five men, women and children who live in the state.
Social Security payments pump almost $100 billion a year into the state's economy.
Back in March, President Donald Trump made a pledge about tax-cut demands to a joint session of Congress. A key point was "no tax" on Social Security benefits for seniors. Four months later, Trump signed into law his signature tax-and-spend legislation, known as the "Big Beautiful Bill."
"We've delivered no tax on tips. No tax on overtime. And no tax on Social Security for our great seniors," the president said.
On "The Florida Roundup," PolitiFact chief correspondent Louis "Lou" Jacobson fact-checked the last part of Trump's statement broke down what you should know about income taxes for beneficiaries.
Below are some answers to questions you may have:
Did the "Big Beautiful Bill" cut all Social Security taxes for seniors?
Not exactly, Jacobson said.
He explained that because of a procedural quirk and how the Senate operates, the bill that was passed through and signed into law couldn't specifically do a Social Security tax cut.
"They did kind of the next best thing, which is to give people who are 65 and over an increased deduction," he said.
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He said this is a pretty big overlap of people who receive benefits, but it's not strictly "no taxation on Social Security."
Jacobson added this is an important but limited difference. He said wealthier taxpayers do not benefit. The tax break phases out starting at $175,000 income for single filers and $250,000 for joint filers. If you're below that, you get the whole thing. There are also certain categories where you don't get it because you don't qualify.
Who paid taxes on Social Security benefits beforehand?
Since 1983, there's been taxation of Social Security benefits. Jacobson said it was started to help support the program going forward, to help make it more solvent.
So, unless you had benefits that were less than $2,000, or $1,600 preexisting credit before the law, then chances are you would have paid some taxation.
What does the new law do for Social Security taxes?
Jacobson said that people already got a deduction if they were 65 and older, with $2,000 if they're married and $1,600 if they're unmarried and not a surviving spouse.
On top of that, the law is giving an additional $6,000 tax deduction for people 65 and older.
How will you get the $6,000 when it comes to Social Security taxes?
Leo Paula from Orlando reached out to "The Florida Roundup," asking how the $6,000 works and if it's a credit.
Jacobson said that, from his understanding, the $6,000 is a tax deduction. This means that you put together all of your income for the year — whether that be from dividends, Social Security, wages if you're still working and more.
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From there, you'd get to subtract $6,000 if you're an individual and then calculate the tax based on that post-subtraction of $6,000, he said.
A tax deduction is different than a tax credit. Program host Tom Hudson added that a deduction is a negative number you can subtract from your income on your 1040 tax form.
So, it's not money that necessarily winds up in a check to you or more money in your pocket each month unless you manage your own withdrawals. It's something at the end of the year that would be seen.
Do you have to get Social Security benefits for the deduction?
No. Jacobson said it's not based on whether you get the benefits. There are some people who are younger than 65 who are beneficiaries and will not get this tax break.
The deduction is based on your age: 65 or older. You also have to do an itemized deduction on your taxes instead of a standard deduction.
Should you do an itemized or standard tax deduction?
On "The Florida Roundup," Mary Tracy from Bonita Springs said that having it as a deduction does not work for her and other seniors because they don't do an itemized deduction on their tax returns. Tracy said that since some seniors don't have a mortgage or other items, they typically do a standard deduction.
"That means that the $6,000 deduction for seniors is meaningless for a huge percentage," Tracy said.
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According to the IRS, some taxpayers itemized their deductions if the total is greater than their standard deduction or if they're not entitled to use a standard deduction. The standard deduction is a specific dollar amount that reduces the amount of taxable income. In general, the IRS can adjust the standard deduction each year for inflation.
To get the $6,000 deduction, you need to do itemized instead of standard.
However, depending on your taxes and situation, Jacobson said, the standard deduction for some people could turn out better overall for you than itemizing for Social Security.
If the Social Security taxable income cap is lifted, how long would the program last?
For 2025, wages up to $176,100 are taxed, Jacobson said. If you earn more than that at any age, then you don't get taxed on the dollars above that for Social Security purposes.
He said this is a 6.2% tax for the person and a 6.2% tax for the employee. These are taken off wages.
"So this kind of a gift to the wealthy. And for a long time, people have criticized this and say, 'Why can't we make this more equitable and tax people who are earning more than $176,000 and maybe put that money into the Social Security Trust Fund and make it last longer,'" Jacobson said.
According to Jacobson, the trust fund that pays for the program is scheduled to be exhausted in 2033.
Jacobson said Trump's tax law moves this date of exhaustion by at least six months or so.
"So basically it's 2032, we're talking seven years from now. And what that would mean is a pretty steep cut in terms of the benefits if that happens," he said.
Jacobson added that the last estimate he heard was around a 24% benefit cut. Jacobson said that industry experts he's spoken with have said that taxing the wealthy could be part of the solution.
"One budget expert that I spoke to said that it could extend by up to 20 or 30 years and close between a third and three quarters of the funding gap that we currently have, depending on how it's designed," Jacobson said. "So it could be a policy win, but I will say that the sort of problem here is not the math, it's the politics, right?"
When will you see the deductions for Social Security benefits?
Jacobson said you'll start to see it for the 2025 tax year and the subsequent three years.
So, currently the $6,000 deduction is set to exist through tax year 2028, he said.
This story was compiled from interviews conducted by Tom Hudson for "The Florida Roundup."
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