Have a Tax Question? Ask a Tax Expert
How much would the tax be on $15,000 if you are filing now and are 65+?Thanks.
If you have $15,000 if taxable income in 2009 and you are 65+ and single
-- your standard deduction would be $5700
-- additional senior deduction $1400
-- personal exemption for one person $3650
Your taxable income will be $4250
Estimated tax liability - $425
If that income from work - you might be eligible for $400 Making Work Pay credit - please verify. But if you received $250 Economic Recovery Payment from SSA - your credit will be reduced.
Let me know if you need any help.
About 1/2 is from work, and the remainder from investments I sold.
What type of investment?
It that long term or short term?
What is the amount of your wages?
Hartford Strategic Income Fund & Loomis Sayles Investment Grade Bond Fund.
Long Term (meaning over a year)
As you are below 15% tax bracket - you are actually in 10% tax bracket - long term capital gain is taxes at ZERO percent - that is for 2009 and 2010.
So your only taxable income are your wages.
Your deductions are
So your deductions are more than your taxable income and - you do not owe any taxes.
If any income taxes were withheld from your wages - you need to file your tax return to get them refunded.
I am wanting to know if there is zero tax on long term gains for 2008? If not what was the tax percentage.
There was no zero tax rate in 2008, and your long term capital gain should be taxed at 5%.
If you have $15,000 if taxable income in 2008 and you are 65+ and single
-- your standard deduction would be $5450
-- additional senior deduction $1350
-- personal exemption for one person $3500
Total exemptions - $10,300
Your taxable income will be $4700
Estimated tax liability assuming long term capital gain - $235
Plus, you will have penalties for late filing and late payment.