Retirees are being targeted by scams that not only bring financial devastation but also significant IRS tax bills. A recent report paints a stark picture of how older adults in Pennsylvania, Ohio, Florida, Utah, California, and other states have fallen victim to fraud — only to be burdened by taxes on their lost retirement savings.
Sen. Bob Casey (D-Pa) chair of the U.S. Senate Special Committee on Aging spearheaded the report, which concludes that limitations on the theft loss tax deduction have contributed to retirees’ financial challenges. Casey argues that those changes, made as part of the Tax Cuts and Jobs Act of 2017 (TCJA, also known as the Trump Tax Cuts), should be reversed.
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