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socrateaser, Lawyer
Category: Tax
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Experience:  Retired (mostly)
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I am single & 70 years old, born in 1942. I received $27,066.00

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I am single & 70 years old, born in 1942. I received $27,066.00 in social securityin 2011. I had additional income, beyond social security, in 2011 of $41,941.00. What is my "gross adjusted income(line 37 0f form 1040).

The total exemtions on form 1040, line 40 & 42, is $21,463.00. How much do I owe in taxes based on the information provided above.

Give me a few minutes, and I'll run a quick tax return.
I'm sorry, but I forgot to ask, what is the source of your additional income (interest, dividends, capital gains, earnings from wages, rental income, royalties, gambling, hobby, self employment, government pension, private annuity, etc.)?

If from more than one source, please break it down for me.
Customer: replied 4 years ago.

Source of income as listed on form 1040

Line 7 wages $5,400.00

Line 8A taxable interest 480.00

Line17 Rental income,...S corpartions... $41,941.00


Okay, based on your inputs, I find that your Line 37 Gross Adjusted Income is: $70,827

Hope this helps.

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