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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12485
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My annual income is 62k, I have 15k additional income from a

Customer Question

My annual income is 62k, I have 15k additional income from a debt settlement this tax year, 9K in capital gains, 7K in an early IRA withdrawal. I am single what will my estimated Federal Tax for 2015 be and estimated Michigan tax be for 2015?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Please let I can run this for you but need your filing status (married filing jointly, single etc) and also whether you have any dependents


Customer: replied 1 year ago.
Single and no dependents
Expert:  Lane replied 1 year ago.

Income Tax Calculations



Gross Income$93,000.00$93,000.00

Deductions for AGI($0.00)($0.00)

Adjusted Gross Income (AGI)$93,000.00$93,000.00

Deductions and Personal Exemptions

Standard Deduction

Personal Exemption
(One dependant)($0.00)($3,950.00)

Personal Exemption
(One filer exemption)($3,950.00)($0.00)

Taxable Income$89,050.00$82,850.00

Federal Income TaxShow Calculations $14,318.75

Michigan Income TaxShow Calculations$3,784.63

Additional Taxes

Long-Term Capital Gains Tax
(On $9,000 in capital gains)($0.00)($1,350.00)

Gross Tax$3,784.63$15,668.75

Tax Credits & PaymentsN/AN/A

Owed Tax $3,784.63 $15,668.75

Plus the 700 additional penalty tax on the IRA distribution on the federal side

Expert:  Lane replied 1 year ago.


I'm just checking back in to see how everything's going.

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