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Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3153
Experience:  EA, CEBS - 35 years experience providing financial advice
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SELLING AN ANUITY-30,000 PROFIT, ALSO, 10,000 IN STOCK PROFIT.

Customer Question

SELLING AN ANUITY-30,000 PROFIT, ALSO, 10,000 IN STOCK PROFIT. 30,000IN SS AND RETIREMENT. ABOUT HOW MUCH INCOME TAX WILL I GET HIT WITH. 12,000 HEALTH INS. ETC.
Submitted: 8 years ago.
Category: Tax
Expert:  Bill replied 8 years ago.
How old are you and do you file single or married jointly?
Expert:  Bill replied 8 years ago.

If you are single, over age 65 then your federal income tax amount will be approximately $6,700. The exact amount will depend on how much your pension was, the amount of your social security and whether the gain on the stock was long (over 1 year) or short.

 

If you are married and both over age 65 then the tax will be approximately $4,200.

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Expert:  Bill replied 8 years ago.

I noticed in another post of yours that you provided the information detailed below. Based on this additional information your federal income taxes for 2008 will be approximately $6,357. This is based on the following information -

 

- You file jointly and you are both over age 65

- combined social security income = $23,000

- pension income = $9,800

- net short term (ST) gain = $8,500 ($10,000 ST gain - $1,500 ST loss)

- taxable income from surrender of annuity = $30,000