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What percentage or amount of tax will need to be paid next

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Hello what percentage or amount...
Hello what percentage or amount of tax will need to be paid next year if an IRA is closed, withdrawing $91,000 from IRA and $14000 from another IRA for a senior citizen over 87 years old with a non taxable income of $26,182.08?
Submitted: 2 years ago.Category: Tax
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Answered in 26 minutes by:
8/11/2015
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
Experience: Taxes, Immigration, Labor Relations
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Tax liability is based on TOTAL income.
you did not mention social security benefits that become partly taxable...
Is that non taxable income of $26,182.08 - all from social security benefits?
I will estimate expected tax liability.

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Tax Professional: Lev, Tax Advisor replied 2 years ago
I assume $115,000 in IRA distribution and $26,182 social security benefits.
I also assume - filing status Single - standard deduction - no dependents and no other deductions or credits - so in this case
a part of social security benefits worldly be taxable.
Specifically - out of $26,182 - taxable part will be $22,254
Total gross income - $137,254
MINUS
Std. Deduction: $7,850
Personal Exemptions: $4,000
taxable income = $125,404
that means - the person will be in 28% federal income tax bracket - for taxable income above $90,751
and total 2015 federal income tax liability is estimated as $28,185.
Please verify my assumptions and let me know if any corrections needed.
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Customer reply replied 2 years ago
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