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I am single. Last year I recieved 14,038.80 from Social

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I am single. Last...
I am single. Last year I recieved 14,038.80 from Social security. 1126.50 in commission sales and 11,725.80 from an annuity I am 83 and have Hospital insurance. What is my tax liability and How should I filw.
Submitted: 1 year ago.Category: Tax
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2/2/2016
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 1 year ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Thank you for your question. You will file single. None of your social security will be taxable. However, you will need to file your taxes as your commissions are over $400 and you will need to pay a small amount of self employment taxes. Your income tax will be $250, which is simply the employment tax on the commission sales if filed on a 1099. If you received a W-2, you owe no tax but should still file to get a refund of any withholding.

Please let me know if you need anything additional. If not, please rate positive.

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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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