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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22693
Experience:  Taxes, Immigration, Labor Relations
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how much income tax will i pay for 2008

Resolved Question:

income 30,000 (retirement and ss)stock profit 10,000, sold an
annuity and made 30,000 in profit. 12,000 spent in medical
services.
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.

Please separate your social security income and income from pension

Also stock profit of $10,000 - is it short or long term?

Are you married/single?

What is your age?

Do you have any property tax expenses? mortgage interest? charitable contribution?

 

I will estimate your tax liability...

Customer: replied 5 years ago.

married, i'm 70, my husband 73. stock profit short term.

property taxes 1700.00 also tax loss of 1500.

Customer: replied 5 years ago.

charitable contributions 2000

ss 12000.00 ss 11000 9800 pension

Expert:  Lev replied 5 years ago.

Please confirm that I have a correct picture about your tax situation....

 

So far - your combined expected 2008 income would be

SS - $12,000 + $11,000 = $23,000

pension $9800

short term capital gain $10,000

annuity income $30,000

 

Your expenses that might be used on the schedule A (if you itemize)

charitable contributions $2,000

medical expenses $12,000

property taxes $1,700

no mortgage interest

did you had ant state taxes paid or withheld in 2008? what state do you live?

 

not sure what do you mean "tax loss of 1500"?

Customer: replied 5 years ago.
live in fl. sold stock with a loss of $1500.00
Expert:  Lev replied 5 years ago.

Ok - so taxable income without SS will be

pension $9800

short term capital gain $10,000 - $1500(loss)=$8500

annuity income $30,000

Subtotal $48,300

Your SS income will be partly taxable $23,000*85%=$19550

Total adjusted gross income $48,300+$19550=$67,850

 

You likely will use standard deduction that is $13000 in your situation

Your personal exemptions $7000

Your estimated taxable income - $47850

Your estimated tax liability is ~$6,375

 

Please let me know if any clarification is needed.

 

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22693
Experience: Taxes, Immigration, Labor Relations
Lev and 5 other Tax Specialists are ready to help you

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