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Hi. A close friend of mine in Texas has been given a Tiger

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Hi. A close friend...
Hi. A close friend of mine in Texas has been given a Tiger bond worth about $32,000 from her grandfather. He put it in her name when he bought it long ago, and gave it to her more recently. She tends to an unwell grandmother full-time, and this bond is about all she has for income, but she receives $708 a month for various prescriptions through TX Medicaid with funding from Medicare Part D, as near as I can tell. So she needs to know what if anything she would owe in taxes if she cashed out, and how cashing out would affect her benefits. We'll greatly appreciate any guidance on all this, and thanks for your time. Andrew
Submitted: 7 years ago.Category: Tax
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Answered in 1 hour by:
12/2/2010
Tax Professional: CGCPA, CPA replied 7 years ago
CGCPA
CGCPA, CPA
Category: Tax
Satisfied Customers: 3,820
Experience: over 40 years experience in tax matters
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Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

The tax she would owe is dependent on a number of factors which you will need to provide for us to do the tax calculation.

 

First what will her income be on the bond and from other sources?

Is she single? What filing status will she be using?

Any dependents?

Will she be itemizing deductions? If so how much?

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