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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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i quit two different jobs in 2009 i took a lumpsum pay-out

Resolved Question:

i quit two different jobs in 2009 i took a lumpsum pay-out from both 1. 20,000 2. 1400.00 im 58 was 57 at the time will i pay tax
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.

Hello indy,


So you had a total of $21,400 in lump sum payouts? Is that correct?


Did you also have any other income for the year besides those payouts?


Do you file your return as single or married?



Customer: replied 7 years ago.

yea income is in excess of 100,00 abot 105,000. im single


Expert:  Merlo replied 7 years ago.

Does your income of $105,000 include the two payouts of $21,400?



Customer: replied 7 years ago.
Expert:  Merlo replied 7 years ago.

Hello again indy,


It sounds like your total income for the year with the payouts will be $126,400. After applying your standard deduction and one personal allowance, your tax on this amount would be approximately $26,500.


This estimate was based on using the standard deduction of $5,700 for a single person. If you itemize your deductions and have a larger amount of deductions to claim, then your actual tax may be slightly lower than this amount.


You would need to see what was alreay withheld in taxes for the year from the income payments you received to determine if you will owe additional taxes to cover the amount that will be due.


If this was helpful please press the Accept button. Positive feedback is also appreciated.


Thank you indy



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