Have a Tax Question? Ask a Tax Expert
Hi and welcome to our site!
I will help to estimate your possible tax liability.Please provide teh amount of your social security benefits.
1400 per month
Also - please provide separately the amount on interest income, and dividends.
and you are Single - correct?
Please stay with me which I calculate your liability...
very good, thanks
that might take a few mins...
so your income would be SS benefits - $1400*12=$16800interest income $10,000dividends $4000 - I assume qualified dividendscapital gain $70,000 - short termSo your Adjusted Gross income (AGI) would be $98280 Assuming standard deduction (including additional for being above 65) - $7600Personal exemption $3900Taxable income - $86780Estimated tax liability - $17224
what tax bracket is this?
Your marginal federal tax rate is 25% - see page 4 in this publication for Singles - http://www.irs.gov/pub/irs-drop/rp-13-15.pdf If Taxable Income Is Over $36,250 but not over $87,850 - The Tax Is $4,991.25 plus 25% of the excess over $36,250.So far - you are a little below 28% tax bracket.
I usually itemize deductions and deduct property taxes, charitable contributions, so if the itemized deductions are above the 7600 then i wold be better off taking itemized deductions, is that right?
does any of the tax money that i pay apply to my social security to increase my monthly check?
Yes - if your itemized deduction is more than $7600 - you better to itemize and your tax liability will be less than estimated. Please be aware that is a raw estimate - and to be precised - we need to prepare your tax return.However unless your itemized deduction is large enough to change your taxable income from estimated $86780 to less than $36,250 - you still will be in marginal 25% tax bracket.
OK GOT IT. SO DO YOU PREPARE TAX RETURNS TOO?
I do for our office clients.
I SEE. WELL, THANK YOU VERY MUCH . YOU HAVE BEEN MOST HELPFUL.
You are very welcome. I am glad to be helpful.
LEV, I HAVE NEW FIGURES FOR YOU TO CALCULATE MY FED TAXES. ALSO I HAVE ADDITIONAL QUESTIONS...
I AM SINGLE SENIOR AGE 65 AS OF JAN 2013.
SHORT TERM INCOME FROM STOCKS 86,000 YTD
ORDINARY DIVIDENDS 1,200
QUALIFIED DIVIDENDS 12,584
SOCIAL SEC INCOME 17,244
INTEREST INCOME OF 755
CURRENTLY I HAVE LONG TERM LOSSES FROM YEARS PRIOR OF AROUND 150,000
I WILL HAVE TO TAKE STD DEDUCTIONS SINCE I DONT HAVE ENOUGH TO ITEMIZE.
SO CAN YOU RECALCULATE MY TAXES AGAIN FOR ME. OBVIOUSLYI KNOW I WILL PAY FOR THIS SESSION .
I NEED TO MAKE PLANS NOW FOR THESE TAXES
OMG..I THINK I LOVE YOU..!!!LOLOLOL..I HAVE BEEN SO WORRIED ALL NIGHT LONG .COULDN'T SLEEP. I DIDNT THINK THAT I COULD DEDUCT MY LONG TERM LOSSES, EXCEPT FOR 3000. SO I AM SO STUPID I MISREAD THE IRS PUBL.
SO I CAN CONTINUE TO KEEP TRADING AND MAKING A PROFIT
AND I DONT KNOW WHAT STATE YOU ARE IN BUT COULD YOU DO MY TAX RETURN? I COULD SEND IT TO YOU..
YES I AGREE. THANK YOU YOU DIDNT ANSWER REGARDING MY 2013 RETURN. IS THIS NOT SOMETHING THAT YOU CAN DO?
I WANT TO STAY WITH YOU AND I HAVE ANOTHER CLIENT FOR YOU TOO!!!
GOT IT. I NOW REALIZE THAT YOU ARE IN A CERTAIN POSITION AND I UNDERSTAND. SO I WILL PREPARE RETURN MYSELF AND THEN
CONTACT YOU TO VERIFY WHAT I'VE DONE. THANKS SO MUCH.
YOU ARE NUMBER ONE. . THANKS SO MUCH.