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Robin D.
Robin D., Senior Tax Advisor 4
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Experience:  15years with H & R Block. Divisional leader, Instructor
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My wife and I are disabled. We get Ssi approx 50,000. Our pension

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My wife and I are disabled. We get Ssi approx 50,000. Our pension income is untaxed disability and not taxable. I have dividends of 8,000, cap gains of 5,000. I have st 121000 and long term 15000 loss carryovers from 2012. We take standard Ded no dependents. My question is based on the Ssi and distributions I get we want to sell off mutual fund gain holdings and not trigger taxes on the Ssi. Based on the figures how much can we sell before we get taxed, thanks!
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
Your benefits generally are not taxable if half of your benefits, plus all your other income, is less than $32,000 if you are married filing jointly. If half of your benefits, plus all of your other income, is more than $44,000 (married filing jointly), then 85% of your benefits are subject to income tax.
You are already at $38,000 so any mutual fund that is sold with sell price over your basis will make some of your SS taxable.

Customer: Question, if I did sell some mutual gains wouldn't the carry over losses short term 121k and long term 15k help me from going over? If no because it's calculated before I can use the losses I understand. If yes I can use the losses to reduce the income before Ssi becomes taxed then how much can I sell, thanks!
Robin D. :

Your losses will be applied. So if you have losses of $15,000 to carry over to 2013 your longterm gains of $15,000 or less would apply and reduce your gains.
You would not want to sell more (then depends on your basis as to actual gain) that would have gains over your loss that you are carrying forward.

Robin D. :

Your shorterm would work the same.

Robin D. :

So if any of the mutual funds would be shortterm you could have gains on sell up to the $121,000

Robin D. :

You would need to first calculate the gains on those funds.

Customer: Great thanks!
Robin D. :

You are most welcome.
Your positive rating is always thanks enough.

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7866
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D.
Robin D.
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15years with H & R Block. Divisional leader, Instructor