Social Security

Ask social security questions and get answers ASAP

Ask an Expert,
Get an Answer ASAP!

I AENDM 75 MY INCOME FROM MY ANNUITY IS2620.00 MYSOCIAL IS…

Customer Question
I AENDM 75...

I AENDM 75 MY INCOME FROM MY ANNUITY IS2620.00 MYSOCIAL IS 1,178,00 WHAT DO I PAY IN TAXES

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

I HAVE THE DEDUCTIONSTAKEN FREDEAL ALSO 100.00 FROM SOCIAL SECURITY

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

NO IDONT WORK

Submitted: 6 months ago.Category: Social Security
Show More
Show Less
Ask Your Own Social Security Question
Answered in 11 minutes by:
1/18/2018
Social Security Expert: lev-tax, Tax Advisor replied 6 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,264
Experience: Taxes, Immigration, Labor Relations
Verified

Your annuity income for the tax year will be 2620 * 12 = 31440

Your social security benefits 1,178 * 12 = 14136 - partially taxable 8331 will be added to taxable income

Your 2017 estimations are :

Adjusted Gross Income (AGI):$39,771

Std. Deduction:$7,900 with adjustment for age

Personal Exemptions:$4,050

estimated tax liability $3,707 minus deductions from social security benefits $1200 and from annuity if any

Ask Your Own Social Security Question
Social Security Expert: lev-tax, Tax Advisor replied 6 months ago

.

For 2018 - the new tax reform law could mean your tax liability will be lower - $2,950.

.

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all Social Security / Tax related issues.

Ask Your Own Social Security Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a social security expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask lev-tax Your Own Question
lev-tax
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,264
33,264 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

lev-tax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

dylatess

dylatess

ATTORNEY

3,467 satisfied customers

37 plus years of SSD practice

Megan C

Megan C

Certified Public Accountant (CPA)

4,582 satisfied customers

Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

LawTalk

LawTalk

Attorney

3,071 satisfied customers

I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.

R. Klein, EA

R. Klein, EA

Accountant

334 satisfied customers

Tax & Social Security Benefits specialist

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

233 satisfied customers

Licensed in multiple jurisdictions, experienced business attorney.

AttorneyTom

AttorneyTom

Attorney

16 satisfied customers

Attorney

Stephanie O Joy, Esq

Stephanie O Joy, Esq

Soc. Sec. Attorney

3,283 satisfied customers

22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

< Previous | Next >

Related Social Security Questions
Would my social insurance number 568-21-8637 be still valid.
Would my social insurance number ###-##-#### be still valid … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I need to have my social security acct. how i do this on
I need to have my social security acct. how i do this on line? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Had to close my banking account and need to give you my new
Had to close my banking account and need to give you my new account information … read more
Christopher B, Esq.
Christopher B, Esq.
Attorney
Juris Doctor
2,175 satisfied customers
I have worked for the Church of Scientology for 49 years and
I have worked for the Church of Scientology for 49 years and now am retiring with few social security benefits and no adequate income to support myself. I make 174 in social security per month and als… read more
Bryan M.
Bryan M.
Owner
Masters of Accountancy
160 satisfied customers
I am 65 years old. My only income is my Social Security
I am 65 years old. My only income is my Social Security benefit. The amonnt I get is &1615.00 Per month, or$17,320.00 per year. Do I qualify for SSI? … read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
Ihave ahearing loss and ascartica nerve damadge and I'm not
ihave ahearing loss and ascartica nerve damadge and I'm not getting any where being onssi and I have sleepapena … read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,283 satisfied customers
I have yesterday received a notice that in 2014 and 2015 I
I have yesterday received a notice that in 2014 and 2015 I received benefits for retirement and was also working and that I was overpaid by $9000.00 I turned 65 in 2014 and actually do not understand … read more
lev-tax
lev-tax
Tax Advisor
Bachelor's Degree Equivalent
33,264 satisfied customers
When are you exempt from paying into social security, What
When are you exempt from paying into social security … read more
lev-tax
lev-tax
Tax Advisor
Bachelor's Degree Equivalent
33,264 satisfied customers
I am collecting social security since 2010. at the same time
i am collecting social security since 2010. at the same time , i was working as substitute teacher and earned 4000 dollars in contributions which i forgot to withdraw when i quit working in 2012... wh… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
The bank account where my Social Security monthly payments
The bank account where my Social Security monthly payments are sent has changed. The payments need to be sent to a different account number. How do I make that change?… read more
Christopher B, Esq.
Christopher B, Esq.
Attorney
Juris Doctor
2,175 satisfied customers
How do I get a copy of 2015 w2 from the USGov. paid
How do I get a copy of 2015 w2 from the USGov. For money paid to me by FICA. My accountant needs it and we never received the w2 because we moved. We changed our address with the post office but appar… read more
Christopher B, Esq.
Christopher B, Esq.
Attorney
Juris Doctor
2,175 satisfied customers
I am 71 years old and retired from a 31 year federal
I am 71 years old and retired from a 31 year federal government job in 1995 receiving an annuity ever since. I paid in to social security on various jobs before and during my federal employment. I hav… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
20,454 satisfied customers
Am I able to file Security today, but not get Social
Am I able to file for Social Security today, but not get Social Security benefits until March 15, when I will turn 66?… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
I will begin drawing Social Security in 2015. I will have
I will begin drawing Social Security in 2015. I will have income from annuities only. No earned income. Wells Fargo will withhold tax from my montly annuity payment. Will I need to withhold from my So… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
4,582 satisfied customers
I found this statement about taxation and social security: You
I found this statement about taxation and social security: You will have to pay Federal taxes on your Social Security benefits if you file a Federal tax return as an individual and your total income i… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
4,582 satisfied customers
I am receiving Social Security at 59 years old. My husband
I am receiving Social Security at 59 years old. My husband passed away and I have a disabled adult living with me. I got hurt at my job last year, so I am collecting Compensation checks.. Because I am… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
4,582 satisfied customers
I retired Civil Service in 2008. I also have all my quarters
I retired Civil Service in 2008. I also have all my quarters to recieve SS. How will this affect my Civil Service annuity. I am now 60 years old. I am married my husband will be 66 and doesnt get SS b… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
Are social security laws different in the state of California? I
Are social security laws different in the state of California? I am concerned as my 82 yr old mother is barely scraping by with what she receives from social security. Recently she reported a gift of … read more
dylatess
dylatess
ATTORNEY
JD
3,467 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x