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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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What percentage or amount of tax will need to be paid next

Customer Question

Hello what percentage or amount of tax will need to be paid next year if an IRA is closed, withdrawing $91,000 from IRA and $14000 from another IRA for a senior citizen over 87 years old with a non taxable income of $26,182.08?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

Tax liability is based on TOTAL income.
you did not mention social security benefits that become partly taxable...
Is that non taxable income of $26,182.08 - all from social security benefits?
I will estimate expected tax liability.

Expert:  Lev replied 1 year ago.
I assume $115,000 in IRA distribution and $26,182 social security benefits.
I also assume - filing status Single - standard deduction - no dependents and no other deductions or credits - so in this case
a part of social security benefits worldly be taxable.
Specifically - out of $26,182 - taxable part will be $22,254
Total gross income - $137,254
MINUS
Std. Deduction: $7,850
Personal Exemptions: $4,000
taxable income = $125,404
that means - the person will be in 28% federal income tax bracket - for taxable income above $90,751
and total 2015 federal income tax liability is estimated as $28,185.
Please verify my assumptions and let me know if any corrections needed.
Customer: replied 1 year ago.
I sent a request for a phone call. I have been waiting over 15 min for a response. I m only available for another 15 mins. If I don't receive my call I trust I will not be charged.

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