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Taking early Social Security at age 62 if i have 50,000.00…

Taking early Social Security...

Taking early Social Security at age 62 if i have 50,000.00 in Gambling winnings for the year and can show the same amount in losses will that still put me into the higher 50% or 85% tax range and if so is it on the amount that you pay over the 36 k a year total income level or the total below and above that you pay the higher tax.

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Answered in 1 minute by:
3/18/2018
TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 18,402
Experience: 15+ years in tax preparation and instruction
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Yes it will still be added to half the SSA benefits to see if any of the SSA benefits are taxable. The gambling losses are not subtracted from the winnings as an adjustment but on the Schedule A after the Adjusted Gross Income is calculated.

Please let me know if you need more information.
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Customer reply replied 5 months ago
What do you mean by half the SSA benefits ?
So after the Schedule A ii calculated at what use to be called a Push what will my tax rate be ?

When you look at how much of the benefits are taxable you add half the SSA benefits to all your other income. That is the combined income amount that decides of any of the SSA is taxable. That is the 50% to 85% that is mentioned. 50% to 85% of your SSA benefits are taxable. That is not the TAX RATE.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

TaxRobin
TaxRobin, Tax Preparer
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Customer reply replied 5 months ago
if i have 35 K in SSA benefits.
50 k in gambling winnings and 50 k in losses.
Will i still have a tax problem and at which rate or percentage
Lane
Lane, JD,CFP, MBA, CRPS
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Customer reply replied 5 months ago
I am sorry its not 35k in benefits its 19 k

Based on the worksheet provided in the most recent IRS Publication 915, your Social Security benefit(s) of $35,000 will be 85% taxable increasing your taxable income by $29,750. That would normally create a federal income tax liability of $6,545.

If you claim the losses of $50k on the Schedule A you are limited to the amount that is more than 2% of your adjusted gross income. $29750 (85% of SSA ) plus the $50k is your adjusted gross income.

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Your adjusted gross income would be $79,750. 2% pf that is $1595. You would not get to subtract the full $50k just the amount over the $1595

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Hi John. I am a different expert. I left you a message.

...

Gambling losses are not limited by that 2% threshold as many miscellaneous itemized deductions are.

...

However, for 2018 there HAS been a change, with the new tax law.

...

For tax years beginning after Dec. 31, 2017 and before Jan. 1, 2026, the limit on wagering losses under Code Sec. 165(d) is modified to provide that all deductions for expenses incurred in carrying out wagering transactions, and not just gambling losses, are limited to the extent of gambling winnings. (Code Sec. 165(d))

...

But again, call me and I think I can make this more clear

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Customer reply replied 5 months ago
please call me so i can clear this upjohnthank you

I left you a message ... I'll call again

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Customer reply replied 5 months ago
No didn't receive message(###) ###-####

Its ringing right now

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Estimated Tax Analysis

Gross income$61,000

Qualified plan contributions-$0

Adjusted gross income=$61,000

Standard/Itemized deductions-$6,350

Personal exemptions-$4,050

Taxable income=$50,600

Tax liability before credits$8,389

Child tax credits-$0

Estimated tax liability=$8,389

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