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I collect $2,749 a month in social sec. I have 10% taken out

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I collect $2,749 a month...
I collect $2,749 a month in social sec. I have 10% taken out yearly. I will be adding another 36,000 this year. This will be money from my IRA. Could you give me an estimate of my taxes for 2015.
Submitted: 2 years ago.Category: Tax
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10/2/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,876
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi,

...

Yes, I can help here

...

Can you tell me how you file (single,married filing jointly)?

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Ok I'll go ahead an run the numbers based on your being single (we can re-run if necessary)

...

First At that level of income, the Percent of Social Security benefit subject to taxation would be 61% or 20220

...

Then from there your total tax (again assuming single filer would look like this)

...

Estimated Tax Analysis

Gross income$56,220

Qualified plan contributions-$0

Adjusted gross income=$56,220

Standard/Itemized deductions-$6,300

Personal exemptions-$4,000

Taxable income=$45,920

Tax liability before credits$7,274

Child tax credits-$0

Estimated tax liability=$7,274

...

The subtract FROM that that, the 10% you have withheld from Social Security (7274 - 3298) = 3976 you would still owe.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Let me know if you have questions or want to refine things from here

...

Lane

...

If this HAS helped, and you don't have additional questions on this, I'd appreciate a positive rating (by clicking the stars or smiley faces on your screen) ... that's the only way I'll be credited for the work here.
...

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Hi,

..

Just checking back in

...

Did my answer help?

...

Let me know if you need more here

...

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,876
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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