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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10149
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I collect $2,749 a month in social sec. I have 10% taken out

Customer Question

I collect $2,749 a month in social sec. I have 10% taken out yearly. I will be adding another 36,000 this year. This will be money from my IRA. Could you give me an estimate of my taxes for 2015.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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Yes, I can help here

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Can you tell me how you file (single,married filing jointly)?

Expert:  Lane replied 1 year ago.

Ok I'll go ahead an run the numbers based on your being single (we can re-run if necessary)

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First At that level of income, the Percent of Social Security benefit subject to taxation would be 61% or 20220

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Then from there your total tax (again assuming single filer would look like this)

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Estimated Tax Analysis

Gross income$56,220

Qualified plan contributions-$0

Adjusted gross income=$56,220

Standard/Itemized deductions-$6,300

Personal exemptions-$4,000

Taxable income=$45,920

Tax liability before credits$7,274

Child tax credits-$0

Estimated tax liability=$7,274

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The subtract FROM that that, the 10% you have withheld from Social Security (7274 - 3298) = 3976 you would still owe.

Expert:  Lane replied 1 year ago.

Let me know if you have questions or want to refine things from here

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Lane

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If this HAS helped, and you don't have additional questions on this, I'd appreciate a positive rating (by clicking the stars or smiley faces on your screen) ... that's the only way I'll be credited for the work here.
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Expert:  Lane replied 1 year ago.

Hi,

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Just checking back in

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Did my answer help?

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Let me know if you need more here

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Lane