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In a recent monthly newsletter published by Ed Slott, Heather Schreiber, an expert on Social Security, discussed the impact of regulations in the new One Big Beautiful Bill Act (OBBBA) on taxes and Social Security benefits. She also discussed how Social Security benefits would be re-computed for individuals who continued to work under Social Security after they filed for a Social Security benefit. Below I will summarize some of the information from Schreiber’s article in a hypothetical Q&A.

Q. Can you summarize how the senior deduction for individuals who have reached age 65 works?

A. The new deduction for individuals who have reached age 65 is based solely on the individual’s age and income. Whether an individual is enrolled in Medicare is not relevant. The deduction is available to both individuals and families who use the standard deduction, as well as those who file an itemized tax return.

For those individuals who file as a single tax return, they are entitled to a full deduction of $6,000 if their modified adjusted gross income (MAGI) is $75,000 or less. For those with MAGI between $75,000 and $175,000 the deduction is reduced by six cents for each dollar over the threshold amount. There is no deduction for MAGI above $175,000. read more

By MARGARET GILES of Morningstar

529 education savings plans are powerful tools to help pay for the mounting costs of an education. Yet some people hesitate to use them.

One common concern is oversaving. You can only use 529 funds can only cover qualified education expenses without incurring a tax penalty, but it can be hard to pinpoint how much money you actually need.

Many parents open 529s for their children at birth, when there’s no way to know whether their kids will earn a scholarship or go to college at all. Fortunately, parents with multiple children can change the beneficiary of a 529 plan.

But what do you do if you still have money left over after covering education expenses?

Thanks to Secure 2.0 Act, you can now roll over unused 529 fund to a Roth IRA. But the 529 rollover isn’t a loophole to save extra for retirement; rules limit the conversions.

Here’s what you should consider when converting 529 funds to a Roth IRA.

What are the rules for converting a 529 plan to a Roth IRA?

The Roth IRA receiving the funds must be in the name of the 529 plan beneficiary. read more

NEW YORK (AP) — Tesla lost its crown as the world’s bestselling electric vehicle maker on Friday as a customer revolt over Elon Musk’s right-wing politics and stiff overseas competition pushed sales down for a second year in a row.

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Tesla said that it delivered 1.64 million vehicles in 2025, down 9% from a year earlier.

Chinese rival BYD, which sold 2.26 million vehicles last year, is now the biggest EV maker.

For the fourth quarter, sales totaled 418,227, falling short of the 440,000 that analysts polled by FactSet expected. The sales total may likely have been impacted by the expiration of a $7,500 tax credit that was phased out by the Trump administration at the end of September. read more

Perhaps you think Taylor Swift is ubiquitous these days, so you won’t be shocked by a Walt Disney World appearance of sorts.

In this case, three of her tour costumes can now be seen in Walt Disney Presents, a walk-through attraction at Disney’s Hollywood Studios theme park.

The trio are on mannequins behind glass in a single showcase, and Disney says they were each worn by Swift during her famed Eras Tour. Visitors can see the black and gold serpentine bodysuit (designed by Roberto Cavalli) that was part of her “reputation” set, a Vivienne Westwood dress that has the lyrics of “Who’s Afraid of Little Old Me?” on it, and a blue bodysuit that was topped with a red fringe jacket for “Karma,” the final song of the show.

The exhibit is in support of “The End of an Era,” a six-episode docuseries on Disney+ as well as the streamer’s “The Final Show.”

The costumes have been attention-getters during the busy holiday season. Folks are drawn to the shininess and the shows. I heard a woman comment that they made her feel like Swift was “normal-sized … and that’s good to show.” read more