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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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My mother recently passed away, she had investments such as

Customer Question

My mother recently passed away, she had investments such as annuities and I live in California, she lived in Nevada. We are not going to have a huge income bracket for last year, the amount in the $90k range, what percentage am I looking at paying for taxes?
Submitted: 9 months ago.
Category: Tax
Expert:  Lev replied 9 months ago.

Because you are a resident of California - you will be subject to both - federal and California income taxes.
Assuming you are single - with gross $90 income - you likely will be in 25% tax bracket - for taxable income between $37,450 to $90,750.

http://taxfoundation.org/article/2015-tax-brackets

For California income tax purposes - you will be in 9.3% tax bracket for taxable income between 51,530 to $263,222

https://www.ftb.ca.gov/forms/2015_California_Tax_Rates_and_Exemptions.shtml

Questions?

Customer: replied 9 months ago.
Is that taxes with no writeoffs? If I had expenses and that was my only income am I still taxed that full amount? In other words is it set to be paid no matter what?
Expert:  Lev replied 9 months ago.

Based on your original post - my understanding was that you already determined gross taxable income as $90k - if that is not correct - and you need help with THAT determination - I would be glad to help.
If you provide more detailed information about each item your inherited - I will help you with determination.

Regarding your deductible expenses - just list all your expenses - and I will help to verify which are eligible for deduction.

Alos - if you have any other income - we need to know that as well as your filing status.

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