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Lev
Lev, Tax Advisor
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How much would the tax be on $15,000 if you are filing now

Resolved Question:

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

Thanks and aloha,
XXX@XXXXXX.XXX
Submitted: 4 years ago.
Category: Tax
Expert:  Lev replied 4 years ago.

HI,

if you have $15,000 if taxable income in 2009 and your 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: 22704
Experience: Taxes, Immigration, Labor Relations
Lev and 6 other Tax Specialists are ready to help you
Customer: replied 4 years ago.
About 1/2 is from work , and the remainder from investments I sold.
Expert:  Lev replied 4 years ago.

What type of investment?

It that long term or short term?

What is the amount of your wages?

Customer: replied 4 years ago.

 

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

 

Long Term (meaning over a year ? )

 

wages..........$8,012

 

Thanks

Expert:  Lev replied 4 years ago.

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 4 years ago.

 

 

Thanks LEV,

 

Actually I am doing my 2008 taxes,I thot I mentioned that in my initial ?.

So iI am wanting to know if there is zero tax on long term gains for 2008? If not what was the % tax

It is now 8am where I am, & I have to leave at 10 am for my tax appointment, so could you please answer asap.

 

Thanks

Expert:  Lev replied 4 years ago.

I do not see that you ever mentioned about 2008... so I assumed it is a current tax year.

Sorry - I might need to ask..

 

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 your 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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