Social Security: 6 changes to know before filing your taxes

(NewsNation) -- Getting ready to file your taxes? Several changes to Social Security benefits could affect retirees' wallets this year. Here are six of the most important changes to be aware of before filing your taxes in 2026, according to The Motley Fool. Social Security changes that could mean more money West Virginia: In 2026, West Virginia became the 42nd state to eliminate state income tax on Social Security benefits. The federal government still taxes some Social Security benefits, however, depending on income. $6,000 tax deduction: The Trump administration's "One, Big, Beautiful Bill" introduced a $6,000 tax deduction for eligible seniors 65 and older. The deduction is in effect through 2028 and applies regardless of whether they receive Social Security. COLA increase: Every year, Social Security benefits are eligible for a cost-of-living adjustment to keep up with inflation. In October, the Social Security Administration announced a 2.8% adjustment for 2026, increasing the average monthly payout for retirees by $56, from $2,015 to $2,071. Social Security changes that could negatively affect your wallet Medicare Part B increase: Medicare Part B premiums rose by approximately 10%, or $17.90, meaning many enrollees could see a large portion of their COLA absorbed by higher health care costs. Trust Fund: A recent analysis found that Social Security's main trust fund could be depleted by 2032. Retired Americans would still receive their Social Security benefits if the trust fund reserves run out, but they may be significantly reduced. Wage cap increase: Social Security sets a cap on the maximum amount of earnings it taxes. In 2026, the wage cap increased from $176,100 to $184,500. NewsNation's Jordan Perkins contributed to this report.