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I'm 59 and was married forever, this is my first year doing my ta

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xes. Using Turbo-Tax. My Inc...
I'm 59 and was married forever, this is my first year doing my ta xes. Using Turbo-Tax. My Inc is 19k (spousal sup), have prop taxes, morg int, med deds, health ins ded, and it still says I OWE $129. How can this be? My prop taxes alone were 4150. int was 2500. medical was 7100. I had heart surgery. what am I doing wrong?I am now contemplating an IRA only to save on the taxes...
Submitted: 1 year ago.Category: Tax
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Answered in 6 minutes by:
4/1/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,620
Experience: Taxes, Immigration, Labor Relations
Verified
I woudl be glad to verify your filing if you provide your tax forms.generally - we need to see form 1040 and schedule A to start.If you will be able to upload forms here - that woudl be perfect - but be sure to remove all personal information.If that doesn't work for you - you may simply list line numbers and amounts - and I will re-establish forms and will verify your calculations.I am here to help with all tax related issues.
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Customer reply replied 1 year ago
My only income is Spousal supp. at 19,000. / I have no other dep. just me./ MOrtgage Int. is 2435./ Contribution to GoodWill is $488.(only afraid to list more as I have no rec.) My property taxes are $4118./ My medical including presc. copay, paid out of pocket to labs, dr. office, hosp, etc. is $6100/. I don't believe there is anything else--dental ins. premims were 362. they were not part of Obama care, which I copied from the form they sent. I paid premiums of approx. 245. per month, I received a credit of approx. 237. if I read it right. It still showed me owing approx. 129. Should I go ahead and get an IRA, if I do I would then receive a refund of approx. 460. I just cannot believe the taxes on 19k are so much even with my deductibles--I have to be doing something wrong. Thanks, Z.
Tax Professional: Lev, Tax Advisor replied 1 year ago
Regarding IRA contribution - to be eligible you must have earned income - wages or self-employment income.If you do not have any earned income - you woudl not be eligible to make IRA contribution.HOWEVER - according to the IRS - Taxable alimony and separate maintenance payments received by an individual are treated as compensation for IRA purposes. So you are eligible for IRA contribution as long as you are under age 70 1/2 at the end of the tax year. As you question your tax liability - I woudl be happy to verify - but to do so - I woudl need information directly from your tax forms - specifically form 1040 and schedule A to start - without such information I woudl not able to verify as I do not see what exactly you are doing with your tax preparation software.
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Customer reply replied 1 year ago
Thanks, ***** ***** needed some answers before seeking help. I provided you with the info that I input. Ill try and find someone close to home. . I am 59 so it would be OK according to ameritrade.
Tax Professional: Lev, Tax Advisor replied 1 year ago
Again - if you need my help to verify your filing - I need your tax forms or if you are not able to provide exact forms - please post line numbers and amounts from forms.Otherwise - I would not able to verify your filing without preparing your actual tax return.Please provide your tax forms - specifically form 1040 and schedule A
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