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My annual income is: Wife SS 10,000

My annual income is:...
My annual income is: Wife SS 10,000
My SS 14,000
Work.... 35,000
Sold IRA to purchase Motor Home 80,000 = $139.00

Own home Mtg $70,000 no other debts

What kind of tax liability am I looking at
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Answered in 13 minutes by:
1/1/2013
Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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With the assumption that you had a 80,000 dollar (rather than a 139,000 dollar withdrawal) from your IRA and you will use the standard deduction of 11,900 dollars for 2012, you are looking at a Federal income tax of 21,000 dollars. The actual amount may be different depending on what is actually reported on your income tax forms.

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Customer reply replied 4 years ago

Thanks for you answer, Not sure if age is a factor but I am 73, wife 70, I was looking for a ball park answer as we will probably have a CPA do our taxes


this time and see if it is worth while to claim contributions to Charity, medical and other expenses to reduce our tax.


 


Thanks for your help


 


PAB

Age makes a little difference. Being over 65 gives you an additional standard deduction. I missed it in my first answer, it will drop the tax by an additional 500 dollars to near 20,500.

 

Charitable deductions would definitely be helpful. The medical deductions would likely fall below to the 7.5% gross income limit (if you medical expenses are not more than 10k,are not deducted) and would not be deductible.

 

Let me know if there is anything else I can help you with.

Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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Phillip B, EA
Phillip B, EA
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