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Recent Personal Exemptions questions

I am a retired 72 year old with a $178, 000.00 IRA with

I am a retired 72 year old with a $178, 000.00 IRA with current MRD of about $7000.00 a year. I owe $53,000.00 on my children's student loans paying close to $1000.00 a month2015 taxable income (with MRD) $54,890.00, Total Tax $7309.002016 will be about the same as 2015My financial advisor recommended I contact a professional tax advisor and ask this basic question: What would be the Federal tax burden for withdrawing $53,000.00 from the IRA in 2017 instead of the standard MRD? That is, is there an additional penalty over and above the tax for the regular MRD? Knowing that I can determine if the additional tax would be burdensome or whether it would offset sufficiently by the savings of closing the Student loans in one year.Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
What is the deduction for one person? Last years was 7,850.

What is the deduction for one person?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Last years was 7,850. is it the same now?JA: Is there anything else important you think the Accountant should know?Customer: no

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
I owe alot of med. bills. I am disabled if my wife claims me

I owe alot of med. bills. I am disabled if my wife claims me as a dependent can they keep her refund due to that withholding lawJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I live in south carolinaJA: Is there anything else important you think the Accountant should know?Customer: no just that i owe alt of med bills and i"m disabled

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
Do seniors have to file if they earn under $25000? I am 78

Do seniors have to file if they earn under $25000?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am 78 yo. I earn at my job about $18000. I also receive social security. My job allows me to take several deductions. Ami required to file a tax return?JA: Is there anything else important you think the Accountant should know?Customer: I do receive about $2000 a yr from a small IRA.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
Filing jointly or separate with my wife; 1. Do we have a

Filing jointly or separate with my wife;1. Do we have a choice?2. If so, what are the pros and cons of filing separate vs. jointly?3. If filing separately, can we file at different times?4. Can a separate filing for my wife now, be later changed to a joint filing?The reasons why I ask have to to with lack of clarity whether I should file in Canada or USA. Further elaboration of this reason can be provided if needed.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
Lane I understand and yes I need a professional answer.

For Lane only:Lane I understand and yes I need a professional answer. Remembering that the cash to be distributed in my 3 accounts is going to be classified as Return on Capital. I am copying and pasting the question I posed last night regarding my estimated 2107 tax situation at the current income levels:Yes one final tax question and that is all I need. What is the estimated taxes you can see us paying in 2017 based on the following expected income:Filing Jointly:Social Security: $39,804Ford Motor Company pension: $6360 ( no monthly taxes taken out)Government annuity: $3744 ( no taxes taken out)Estimated dividends from current stock holdings in my IRA ( not associated with the Special Dividend) $17,052.Total expected income for 2017 (without any cash associated with the special dividend): $66,960Below is the current number of stocks of the company offering the special dividend broken down by my 3 accounts:- In my investment account: $11,058 in cash dividend coming on 3800 shares.- In my IRA retirement account: $20,370 in cash dividend on 7000 shares.-In my Roth IRA account: I have $5,383 in cash dividend coming on shares I am currently holding.Thank you! Chuck Noblitt

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
I have been retired over ayear, do I need to pay incometax

I have been retired over ayear, do I need to pay incometax on my social security?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My husband is 79 and I am 69, I retired in August of 2015, he retired in December 30, 2016. Do we need to pay incometax on our social security, We live in Las Vegas, NVJA: Is there anything else important you think the Accountant should know?Customer: My husband also received disability from the vetrans aqnd we aren't sure if it is taxable either.

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
If someone earns (as an example) $100,000 and on their tax

If someone earns (as an example) $100,000 and on their tax return they select 'single' or 'married'What is the general difference in regards ***** *****Having a discussion with a friend.It's a tax benefit to be married or not?Thanks

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
I have an money with met life from retirement in a roth ira

i have an money with met life from retirement in a roth ira i'm 71 now will I have to pay taxes on it when I cash it in and if so how much?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: it's 58,000. and I want to cash it inJA: Is there anything else important you think the Accountant should know?Customer: my husband and I are both retired living on SS and his disability from the vietnam war

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
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