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CGCPA, CPA
Category: Tax
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Experience:  over 40 years experience in tax matters
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I am retiring at years end. My Social Security payments will

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I am retiring at year's end. My Social Security payments will be $1680 per month. I will also be receiving $1830 per month in pension payments. Can you tell me what my tax liability will be for those amounts annually? Thank you.

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.

 

Here is how I see this:

 

Monthly income Pension 1830

SS 1680

 

Tax return (assuming single, no dependents - anything else will be better for you)

 

Pension income 21,960

Taxable SS 10,080 (1/2 taxable)

 

Total Income 32,040

Standard deduction -5,800

Exemption -3,700

 

Taxable income 22,540

Tax 2,960 (from tax tables)

Est for state 987 (1/3 of federal)

 

Total tax 3,947

 

From this subtract any tax withheld and you will have a ballpark refund/owed amount.

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