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My husband and I are retiring within 3 years. Our income

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will be $58,800/year in social...
My husband and I are retiring within 3 years. Our income will be $58,800/year in social security benefits + approximately $37,000 in 401b funds (not yet taxed). We will be living in Florida. There are no other sources of income. How much will we be paying in taxes of that $95,800 as a retired couple.
Submitted: 1 year ago.Category: Tax
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4/19/2016
Tax Professional: Bill, Enrolled Agent replied 1 year ago
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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If you will both be over age 65, then your federal income taxes will be approximately $9,855 (assuming you claim the standard deduction and don't itemize deductions). If you will be under age 65, then the taxes will be approximately $375 more than that amount.
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Tax Professional: Anne, Master Tax Preparer replied 1 year ago
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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HiI'm Anne. I've been preparing taxes for 28 years and I have a different answer for you. The income from the 403B is of course, fully taxable as you indicated. Added to that $ amount, roughly 1/2 of your Social Security benefits will also be taxable, bringing your Adjusted Gross Income to 62040.00 Assuming you are both at least 65 years young, your tax liability should be pretty close to $5100. To calculate how much of your Social Security Benefits may be taxable, please see below:https://www.irs.gov/uac/Newsroom/Are-Your-Social-Security-Benefits-Taxable If this answer has been helpful, please take the moment to rate positive by clicking on the stars.It is ONLY through positive ratings that we are compensated for our time and knowledge. Thank you for choosing justanswer.
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Tax Professional: Anne, Master Tax Preparer replied 1 year ago
Hi, this is Anne I was just checking back to see if you had any further questions, concerns? If not, please take the moment to rate positive so that I may receive credit for working with you.
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Anne
Anne
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