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I retired in May. I receive income from multiple sources now:

I retired in May....
I retired in May. I receive income from multiple sources now: social sec, Govt' pension, an IRA, and work part-time periodically for my old employer, plus another part time job periodically and am earning a small amount monthly. tax is w/held from pension, ira, and old employer (when i work). the other part time will not w/hold and no taxes for soc sec. does all this get added up as txble income when i file? I assume so. what is minimum i can earn for other part time that is not txble?
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7/16/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

All of your income from your part time work is taxable - you will not have a portion that is not taxable.

MyVirtualCPA :

Up to 85% of your social security could be taxable, depending on the level of your other income.

MyVirtualCPA :

You can use a calculator HERE To estimate your taxable social security, then elect to have taxes withheld by filling out form w-4V

Customer:

this would be annual amts in this calculator? guesstimate on my part. i received an IRA distribution a couple months ago, they withheld fed/state tax; i receive a monthly IRA distribtion and they withhold fed/state tax; i receive a federal pension and they withold fed/state tax; when i work at my old job they withold fed/state. the other job they don't (so i'd have to pay) and then soc sec. i'm sort of flying blind and i think i'd better save enough for yr end in case i owe....

MyVirtualCPA :

Yes, in the calculator you would enter annual amounts

MyVirtualCPA :

If you are scared that you won't save enough, you can fill out form W-4V and have taxes withheld from your social security

Customer:

what is a good % to withhold. i've been using 20% for fed and 10% for state for my monthly ira and for the distribution i made a couple months ago....

MyVirtualCPA :

I would do 10% on your social security. Keep in mind that they will only withhold federal - no state tax can be withheld from your social security.

Customer:

hm ok ... i think i will feel better if i keep some $ aside just in case.. i normally get a few thousand refunded (I own a home which is big plus for me) if i break even or owe some i think i'll be ok. it should be easier next year.....thx you've been a great help!

MyVirtualCPA :

You're welcome. If you would, please rate my response as "Excellent" so that I may receive credit for assisting you today

Customer:

sure will.....bye now

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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