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...
married, i'm 70, my husband 73. stock profit short term.
property taxes 1700.00 also tax loss of 1500.
charitable contributions 2000
ss 12000.00 ss 11000 9800 pension
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
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"?
Ok - so taxable income without SS will be
short term capital gain $10,000 - $1500(loss)=$8500
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.