South Carolina retirees are expected to benefit from a new federal deduction that exempts most Social Security income from taxes.

Roughly 400,000 New Mexico retirees are expected to benefit from a new federal deduction that exempts most Social Security income from taxes starting in 2026.

If your income exceeds $150,000 for a single adult or $250,000 for a married couple, you won't qualify for the $6,000 senior deduction. However, you're still eligible to claim your standard deduction and the $2,000 senior deduction that was already in place before the BBB passed.