Omnibus Tax Bill Creates a new Subtraction for Social Security Benefits

​New legislation allows a subtraction for an amount of Social Security benefits, up to a maximum amount effective for Tax year 2017. The maximum subtraction is $4,500 for married couples filing joint returns, $3,500 for single and head of household filers, and $2,250 for married couples filing separate returns. The subtraction is reduced by 20 percent of provisional income over a threshold.​