How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29558
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

my wife is 62 years i am 68 years and we are self funded retire. how

Resolved Question:

my wife is 62 years i am 68 years and we are self funded retire.
how much interest outside our allocatted pension can we each earn without paying any tax.

no good to give me some web side to look it up. that i can do it on my own.

need some number on the above info.
regards XXXXX XXXXX
Submitted: 6 years ago.
Category: Tax
Expert:  Lev replied 6 years ago.

LEV :

Hi and welcome to Just Answer!

LEV :

If you file a joint tax return and use a standard deduction - you may have taxable income up to $19,800 in 2010 - and still will not owe any income taxes. Your taxable income might include taxable pensions, taxable part of your social security benefits, interest earned in the back, etc.

LEV :

If you know your taxable pensions or any other taxable income - I will estimate your possible tax liability. Please let me know if you need any help or references.

Customer:

thanks Lev,

LEV :

Please let me know if you need any help.

Customer:

we are have diffrent tax filement

Customer:

thanks Lev,

Customer:

lev,

Customer:

send this earlier too fast.

Customer:

not so sure how this chat works.diffrent filements. self funded pensioner.what abot S A T O

Expert:  Lev replied 6 years ago.
What Happens Now?

Your chat has ended, but you can still work with your Expert to get an answer to your question if you have not yet received one.

Come back to this page at any time to see additional information from your Expert. You will also receive an email when your question is updated. If you want to send a message to your Expert, use the box below.

If you have already received a satisfactory answer to your question, click the Accept button above. Experts are credited for each accepted answer they provide.

Please post your questions below - I will be with you and try my best to clear all issues.
Customer: replied 6 years ago.
Lev,
we file different tax returns.
our allocated pensions are tax free.
how much can i earn as i qualify for this senior australian tax offset.
my wife is not i believe because of here age.how much she can earn outside her tax free pension.

rehards gunther
Expert:  Lev replied 6 years ago.

If you're aged 55 to 59, a tax offset may be available on the taxable portion of your income payments. Because you're over 60 pension payments (and lump sum withdrawals) are tax-free.

For other taxable income - the current resident's tax-free threshold is $6,000

 

See here - http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm&mnu=42590&mfp=001

The Senior Australians and pensioner tax offset calculator will help you determine your eligibility and calculate the amount of senior Australians tax offset and pensioner tax offset you can claim. - http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=sato2010.xr4&go=ok

You may also use this tax calculator, - http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=ctax2010.xr4&go=ok

 

Lev and 2 other Tax Specialists are ready to help you