Key Takeaways. A child who has more than $2,700 in unearned income in 2025 or 2026 and meets certain qualifications should use IRS Form 8615 when filing a tax return. Unearned income includes all forms of investment income, such as interest, dividends, rent, royalties, and capital gains.
The filing threshold for unearned income, like interest your child earns from a savings account, is $1,350 for 2025. A dependent's income can be "unearned" when it comes from sources like dividends or interest payments.
For 2025, the Supplemental Security Income (SSI) FBR is $967 per month for an eligible individual and $1,450 per month for an eligible couple.
When filing taxes for 2025 (due in April 2026), working families with children that have annual incomes below about $50,434 to $68,675 (depending on marital status and number of dependent children) may be eligible for the federal EITC. During the 2022 tax year, the average EITC was $3,338 for a family with children.
Some of the major tax changes effective from April 1, 2025, are revised tax slabs, rebate of up to Rs. 60,000, revised ITRU deadlines, calculation of partner's remuneration allowable as a deduction and revised TDS/TCS threshold limits. What is the Rebate available under section 87A?
What got permanently extended
If they have AGI above their respective thresholds, they can deduct the following percentages of federally taxable Social Security benefits until they are fully exempted for all income levels in 2026: 2024: 35% exempt. 2025: 65% exempt. 2026: 100% exempt.
The dollar amount increase to checks will vary depending on a person's benefit amount, but the average Social Security Retirement benefit, $2,008.31 in July 2025, will grow by about $56.
Tax Foundation estimates the OBBBA reduced individual taxes by $129 billion for 2025, and outside estimates suggest up to $100 billion of that could be received as higher refunds this filing season, pushing average refunds up by up to $1,000.
How to lower taxable income and avoid a higher tax bracket
Unearned income includes investment-type income such as taxable interest, ordinary dividends, and capital gain distributions. It also includes unemployment compensation, taxable social security benefits, pensions, annuities, cancellation of debt, and distributions of unearned income from a trust.
The COLA was 2.5 percent in 2025. Nearly 71 million Social Security beneficiaries will see a 2.8 percent COLA beginning in January 2026. Increased payments to nearly 7.5 million people receiving SSI will begin on December 31, 2025. (Note: Some people receive both Social Security benefits and SSI).
Who qualifies for extra $144 added to their Social Security depends on specific federal benefit programs and state supplemental payments. This additional monthly payment typically comes through Supplemental Security Income (SSI) state supplements or special Social Security Administration programs.
For 2025, the minimum income for Single filing status for filers under age 65 is $15,750 . If your income is below that threshold, you generally do not need to file a federal tax return. Find more information on the minimum income filing thresholds for this tax year below.
Penalty for not reporting
You must repay any extra benefits you get based on income you do not report. If you do not report on purpose to try to get more benefits, this is fraud, and you may be charged with a crime.
The minimum income requiring a dependent to file a federal tax return. 2025 filing requirements for dependents under 65: Earned income of at least $15,750, or unearned income (like from investments or trusts) of at least $1,350. You must include on your Marketplace application income for any dependent required to file.
Here's a summary of key changes for the 2025 tax year. The seven federal tax brackets (10%, 12%, 22%, 24%, 32%, 35%, 37%) are now permanent. Standard deductions increased, plus a new “bonus” deduction for older adults. Child tax credit increased to $2,200 per qualifying child.
While a $10,000 tax refund might sound like a dream, it's achievable in certain situations. This typically happens when you've significantly overpaid taxes throughout the year or qualify for substantial tax credits. The key is understanding which credits and deductions you're eligible for.
Under the new income tax regime for 2025-26, any taxable income up to ₹12,00,000 attracts a full rebate of ₹60,000 (under Section 87A), resulting in a nil tax liability.
Key Takeaways
President Donald Trump's "big beautiful" tax law provides a new senior "bonus" or deduction of up to $6,000 per individual or $12,000 for married couples. The temporary deduction applies to taxpayers ages 65 and over whose income is within certain thresholds.
How to minimize taxes on your Social Security
What is the maximum Social Security retirement benefit payable?