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We're in our early/mid 60s. My wife gets $12,084 year in SS…

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We're in our early/mid...

We're in our early/mid 60s. My wife gets $12,084 year in SS benefits. I'll start receiving $1,981 from October thru December from SS benefits. I'm also a PT freelance graphic designer and will probably make around $14,000 from subcontract work which we haven't been able to pay any taxes for. What would be our estimated tax responsibility?

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My wife and I are in our 60s without children and live in TN (no state tax). We're both collecting SS benefits, she gets $12,084 year and I'll start to collect $1,981 month in October. Due to illness, I'll be bringing around $14,000 this year but we haven't taken any taxes on these payments. So with just over $18,000 in SS benefits plus $14,000 in income (total $32,000+), how much should we be worry about federal taxes?

Submitted: 9 months ago.Category: Tax
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Answered in 2 hours by:
9/17/2017
Tax Professional: Lev, Tax Advisor replied 9 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,964
Experience: Taxes, Immigration, Labor Relations
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Your social security benefits are expected to be $1,981 * 3 = $5943

Your wife's benefits $12,084

Total social security benefits $18027

plus you expect $14,000 in self-employment income - I assume after all qualified deductions?

No other taxable income for the year,
I assume that you both are below 65 - standard deduction - no dependents and no other deductions or credits.

Your estimated tax liability will be as following

Adjusted Gross Income (AGI):$13,010

Std. Deduction:$12,600

Personal Exemptions:$8,100

Taxable Income ($7,690)

Earned Income Credit:$505

Self-Employment Tax:$1,978

Regular Tax:$0

Net tax liability - $1,472

Let me know if any assumptions must be adjusted...

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Customer reply replied 9 months ago
In short, I'll owe the IRS $1,472, right? Thanks for the thorough answer.
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