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Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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How much would the tax be on $15,000 if you are filing now?

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How much would the tax be on $15,000 if you are filing now and are 65+?

Thanks.

Hello,

If you have $15,000 if taxable income in 2009 and you are 65+ and single

-- your standard deduction would be $5700

-- additional senior deduction $1400

-- personal exemption for one person $3650

Your taxable income will be $4250

Estimated tax liability - $425

If that income from work - you might be eligible for $400 Making Work Pay credit - please verify. But if you received $250 Economic Recovery Payment from SSA - your credit will be reduced.

Let me know if you need any help.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience: Taxes, Immigration, Labor Relations
Lev and other Tax Specialists are ready to help you
Customer: replied 7 years ago.

About 1/2 is from work, and the remainder from investments I sold.

What type of investment?

It that long term or short term?

What is the amount of your wages?

Customer: replied 7 years ago.

Hartford Strategic Income Fund & Loomis Sayles Investment Grade Bond Fund.

Long Term (meaning over a year)

Wages:$8,012

Thanks

As you are below 15% tax bracket - you are actually in 10% tax bracket - long term capital gain is taxes at ZERO percent - that is for 2009 and 2010.

So your only taxable income are your wages.

Your deductions are

-- your standard deduction would be $5700

-- additional senior deduction $1400

-- personal exemption for one person $3650

So your deductions are more than your taxable income and - you do not owe any taxes.

If any income taxes were withheld from your wages - you need to file your tax return to get them refunded.

Let me know if you need any help.

Customer: replied 7 years ago.

I am wanting to know if there is zero tax on long term gains for 2008? If not what was the tax percentage.

Thanks

There was no zero tax rate in 2008, and your long term capital gain should be taxed at 5%.

If you have $15,000 if taxable income in 2008 and you are 65+ and single

-- your standard deduction would be $5450

-- additional senior deduction $1350

-- personal exemption for one person $3500

Total exemptions - $10,300

Your taxable income will be $4700

Estimated tax liability assuming long term capital gain - $235

Plus, you will have penalties for late filing and late payment.

Let me know if you need any help.

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