President Donald Trump's plan to eliminate federal taxes on Social Security benefits sounds simple: cut taxes so older adults keep more of their money. However, the plan is controversial because

Here’s what Trump’s promise could mean for retirees and why you shouldn't be factoring this potential change into your financial plans. Tax-free Social Security benefits? In 2

Key Points Many seniors today pay taxes on their Social Security benefits. President Trump has proposed eliminating those taxes. Since that could cause major repercussions, seniors should not expect those taxes to go away anytime soon.

Tax season usually brings a refund check for most workers, but if you're retired, you could wind up owing the IRS.

President Donald Trump has asserted his belief that seniors shouldn't pay Social Security benefit taxes, and there are plenty of retirees who feel the same. There's a bill in the House now that, if passed, would completely eliminate the tax, providing significant gains to many seniors. But there's a hidden cost that can't be ignored.

The IRS uses what's called "provisional income" to determine how much of your Social Security benefits are taxable. Your provisional income is calculated using the following formula: Provisional income = Adjusted gross income (AGI) + tax-exempt interest + 50% of your Social Security benefits

As President Trump targets waste and fraud in federal entitlement programs, his personal Social Security claim status is revealed on publicly released federal tax returns. Preside

The president has seemingly doubled down on his proposal since his returning to Washington. In February, White House Press Secretary Karoline Leavitt said the Trump administration is committed to implementing the "largest tax cut in history," which includes ending taxes on Social Security.

Social Security benefits are handled differently than regular income by the IRS, which can make tax season tricky.