Accepted Answer

If only $5,153 of the survivor annuity payments are taxable annually and you withdraw $15,200 from your IRA, then your federal income taxes will be approximately $1,499 assuming you file single and claim the standard deduction. The taxes are based on gross income of $23,526 (which includes $3,173 of your social security benefits).

 

The fact that the IRA came from your deceased husband's account does not change anything unless he previously made any nondeductible IRA contributions to his account (which you could recover tax-free).

 

You may be able to claim a credit for certain certain energy-efficient property or improvements you place in service in 2009.

 

Examples of home improvements that could qualify as tax credits:

• exterior doors and windows,
• storm windows,
• skylights,
• metal roofs,
• insulation,
• central air conditioning and heating,
• geothermal heat pumps

http://www.irs.gov/formspubs/article/0,,id=207332,00.html

 

http://www.irs.gov/newsroom/article/0,,id=211307,00.html

 

 

Edited by Bill on 8/10/2009 at 8:38 PM

Expert:	Bill
Pos. Feedback:	99.6 %
Accepts:
Answered:	8/10/2009

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