Thousands of verified Experts are ready to answer your specific questions 24/7.
Satisfaction is guaranteed and you pay your Expert only if you are satisfied.
Just type your detailed question and click "Get an Answer."
In minutes you'll get a response from an Expert. You can always ask follow-up questions.
Happy with your answer? Just click "Accept" to pay your Expert.
My husband & I will be retiring in 2013. My husband willbe 70 and i will be 66. We will each have about $2000 monthly from Social Security, I will have about $1300 from Florida Retirement, My husband has a small 401-K and we have savings. I know interest income is taxable, but how much of the other is taxable. I am trying to figure approximate income available to us without using savings.
State/Country relating to Question: Florida Already Tried: This is the first time I have posed the question.
<p>As far as social security income is concerned, if you file a joint return, some or all of your social security income is taxable if you and your spouse have a total income that is more than $32,000. In your case, since you have 24k in social security income and another 15.6k in pension income, you will need to fill out the IRS worksheet at the link below to see how the tax plays out. </p><p> </p><p>Any amounts that are distributed to you during the tax year from the Florida retirement and the 401-K are also considered as income and will be taxable. </p><p> </p><p>The interest income on the savings account is taxable income but withdrawals are not since you would have already paid tax on them before depositing them into the account.</p><p> </p><p>http://www.irs.gov/pub/irs-pdf/p915.pdf</p><p> </p><p> </p><p> </p><p>Just Answer (JA) experts are not permitted to have outside communications with JA customers. However, you may be able to find an attorney in your area to further assist you by going to <a href="http://www.martindale.com/">http://www.martindale.com/</a> or <a href="http://www.lawyers.com/">http://www.lawyers.com/</a></p><p> </p><p>Please click "ACCEPT" so I may get credit for this answer. If you have a couple of related follow-up questions, I would be happy to address them for you at no additional charge. Thank you.</p><p> </p><p> </p><p> </p>
Attorney
13+ years experience in civil litigation, jury trials, and business law;