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Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 631
Experience:  Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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My annual income is: Wife SS 10,000

Resolved Question:

My annual income is: Wife SS 10,000
My SS 14,000
Work.... 35,000
Sold IRA to purchase Motor Home 80,000 = $139.00

Own home Mtg $70,000 no other debts

What kind of tax liability am I looking at
Submitted: 1 year ago.
Category: Tax
Expert:  Phillip B, EA replied 1 year ago.
Thanks for using JustAnswer.com!

With the assumption that you had a 80,000 dollar (rather than a 139,000 dollar withdrawal) from your IRA and you will use the standard deduction of 11,900 dollars for 2012, you are looking at a Federal income tax of 21,000 dollars. The actual amount may be different depending on what is actually reported on your income tax forms.

If there are other questions of concerns, please reply to this answer so that I may assist you further. If this answers your question, please rate my performance between OK and Excellent so that I may be paid.
Customer: replied 1 year ago.

Thanks for you answer, Not sure if age is a factor but I am 73, wife 70, I was looking for a ball park answer as we will probably have a CPA do our taxes


this time and see if it is worth while to claim contributions to Charity, medical and other expenses to reduce our tax.


 


Thanks for your help


 


PAB

Expert:  Phillip B, EA replied 1 year ago.

Age makes a little difference. Being over 65 gives you an additional standard deduction. I missed it in my first answer, it will drop the tax by an additional 500 dollars to near 20,500.

 

Charitable deductions would definitely be helpful. The medical deductions would likely fall below to the 7.5% gross income limit (if you medical expenses are not more than 10k,are not deducted) and would not be deductible.

 

Let me know if there is anything else I can help you with.

Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 631
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
Phillip B, EA and 4 other Tax Specialists are ready to help you

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