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72 yr old woman with following question - Need information

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72 yr old woman with...
72 yr old woman with following question - Need information about taxes for alimony and social security received. This is her only income. Lives in Maryland.
Submitted: 2 years ago.Category: Tax
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Answered in 9 minutes by:
1/3/2016
Tax Professional: Christopher B, Esq., Tax Attorney replied 2 years ago
Christopher B, Esq.
Christopher B, Esq., Tax Attorney
Category: Tax
Satisfied Customers: 3,012
Experience: associate attorney
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My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

Social Security benefits are non-taxable or partially taxable, depending on how much extra income you are generating from other sources.

Filing status Base amount Additional amount

Single $25,000 $34,000

If your provisional income is below the base amounts for your filing status, then your Social Security benefits are completely non-taxable. If you provisional income is between the base amount and the additional amount, then half of your Social Security benefits over the base amount are taxable. If your provisional income is over the additional amount, then $4,500 plus 85% of your Social Security benefits over the additional amount are taxable. The taxable portion of your Social Security benefits cannot exceed 85% of your total benefits. It is doubtful with only alimony that you would need to pay taxes on this income. So most likely the social security income will not be taxable. The alimony on the other hand is taxable as income to you at 100%.

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Tax Professional: Christopher B, Esq., Tax Attorney replied 2 years ago

I see you have reviewed my answer, do you have any further questions? If not, please please positively rate my answer if satisfied (there should be smiley faces or numbers from 1-5 next to my answer, a good or excellent rating would be fantastic) as that is the only way I will be compensated by the site for my work. This will not cost you anything extra and this extra step would be appreciated.

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