How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask lev-tax Your Own Question
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Social Security Question Here...
lev-tax is online now
A new question is answered every 9 seconds

I get 1800 per month from social security.And I'm taking

Customer Question

I get 1800 per month from social security.And I'm taking 10000 from my traditional ira.I'm single and live in Minnesota. What will my federal and state taxes total
Submitted: 5 months ago.
Category: Social Security
Expert:  lev-tax replied 5 months ago.

Your total income would be estimated as

- social security benefits 1800 per month * 12 = 21600

- IRA distribution $10,000

Expert:  lev-tax replied 5 months ago.

.

first we need to determine if any part of your social security benefits would be taxable.

Here is a simple test.

- take a half of social security benefits

- PLUS other taxable income

- if the total is less than $25000 (for singles) or $32,000 (for married couples filing jointly)

- none of social security benefits would be taxable

- if the total is more than the threshold - we would need to use a special worksheet to determine the taxable portion.

.

So far - NONE of your social security benefits are taxable - and IRA distribution is your only taxable income.

As you are single - you are entitled fort standard deduction $6300 and personal exemption - $4050

Thus - after these deductions - your taxable income is zero - and you would NOT have any income tax liability.

Does that answer your question?