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Shouldn't my standard deduction lower the amount of taxes I

Customer Question
Shouldn't my standard deduction lower...
Shouldn't my standard deduction lower the amount of taxes I owe?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I did my taxes on the free etax site. It shows I owe $968 because no federal tax was taken out of my SS pay, which I didn't realize. It was direct deposited so I didn't see the stub. No where while filing did it give me the standard deduction (I did not itemize). If it applied the standard deduction, wouldn't it lower the amount I would owe?
JA: Is there anything else important you think the Accountant should know?
Customer: I have 2 1099 Rs for retirement income, $18 in interest income, W2 for 5500 from working in January before I retired and $4200 I had from sick pay bank. That is about it. Taxes paid on all but SS
Submitted: 9 months ago.Category: Tax
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Answered in 25 minutes by:
3/20/2017
Tax Professional: Lev, Tax Advisor replied 9 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,331
Experience: Taxes, Immigration, Labor Relations
Verified

I will help to estimate your tax liability.

We need to know taxable amounts from 1099R box 2a

your age and filing status - single or married?

the amount of your social security benefits.

Please reply and I will help with estimation.

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Tax Professional: Lev, Tax Advisor replied 9 months ago

Please let me know if you still need any help.
I will be with you as soon as you provide additional information.

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Customer reply replied 9 months ago
1099R = $27,370 (fed & state taxes taken)
W2 = $5505 (fed & state taxes taken)
SS = $15,554 (no federal taxes taken)66 yrs old/filing singleStandard deductionThank you, Bonnie
Tax Professional: Lev, Tax Advisor replied 9 months ago

Hi Bonnie,

appreciate you for additional information

That is very helpful.

I assume that you are using standard deduction

A part of your social security benefits will be taxable.

Specifically - out of total $15,554 benefits - $10154 will be taxable part.
Your Adjusted Gross Income (AGI):$43,029

Standard. Deduction:$7,850

Personal Exemptions:$4,050

Taxable Income $31,129

and estimated tax liability is $4,206

Then - we need to verify your withholding from wages and pension

If withholding is less than that amount - you will pay the difference before Apr 18, 2017.

As long as you will owe less than $1000 - there will not be any additional penalties.

Let me know if you need any help with reporting.

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Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,331
30,331 Satisfied Customers
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