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Only income for 2013 was social security, unemployment and

a IRA withdrawal which I...
Only income for 2013 was social security, unemployment and a IRA withdrawal which I paid taxes on. After taking half of my SS amount, unemployment and IRA withdrawal income still below 25,000. My question is do I get anything back from taxes I paid on IRA or on interest deduction for mortgage payments?
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Answered in 2 minutes by:
2/6/2014
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,658
Experience: Taxes, Immigration, Labor Relations
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Hi and welcome to our site!
When you prepare your income tax - all your income must be included - unemployment and a IRA withdrawal.

Because your income still below 25,000 - social security is not taxable.

 

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taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 877
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answers! Thank you for giving me the opportunity to assist you! I will do my best to help!

The amount of taxes withheld on the IRA varies by payer and type. If you give me the actual amounts of your SS, unemployment, and IRA withdrawals, the taxes paid, your filing status (married, single, number of children claimed) and the amount of your mortgage interest and real estate taxes, I can give you a pretty accurate number.

Thanks!

Roger
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Customer reply replied 3 years ago

Total SS $25,282.80, Unemployment $640.00, IRA amount $6,125. Taxes paid on IRA $1,500.62 taxes on unemployment $64.00, SS only deduction $1,258.80 for Medicare. I am single mortgage interest $3,840.65.

Bases on your information - you do not have ANY tax liability.

Because your total taxable income is below $10,000.

Social security benefits are not taxable in your situation.

However while you are not required to file the tax return - you still might want to file and request the amount withheld from your IRA distribution to be refunded.

If you do file - you may expect back from the IRS Taxes paid on IRA $1,500.62 and on unemployment $64.

So far - it would be beneficial if you file your tax return.

Let me know if you need any help with reporting.

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Customer reply replied 3 years ago

Thanks that helps if I file I can deduct IRA tax paid and mortgage interest is that correct?

Yes - you may deduct your mortgage interest.
However because your tax liability is ZERO - that will not make any good because additional deductions will not make any difference - as you do not owe any taxes anyway.
So you may only get back taxes that were withheld from your payments.
on IRA $1,501 and on unemployment $64 - total $1565.
.
You do NOT deduct these taxes - you will just request them to be refunded because you do not have any tax liability.
The purposes of withholding to cover possible tax liability - but because your tax liability is zero - all taxes previously withheld will be refunded.
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,658
Experience: Taxes, Immigration, Labor Relations
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