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A retired person is receiving ss benefits. They sold an

investment property and now wish...
a retired person is receiving ss benefits. They sold an investment property and now wish to place the proceeds into laddered CD's. this will generate interest income. is there a calculator that can figure out the additional taxs this person will have to pay on this new interest income and another calculator to show how much of this income will reduce their SS benefits. the person is 80 years old.
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Answered in 6 minutes by:
12/14/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,882
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Here's a Laddered CD calculator:" http://www.bankrate.com/calculators/cd/cd-ladder-calculator.aspx

...

(There are many out there)

...

And here's an excellent calculator for calculating tax-ability of Social Security:

...

https://www.calcxml.com/calculators/how-much-of-my-social-security-benefit-may-be-taxed

...

But to look at the tax effect you'll either have to use a tax product or one of the better calculators out there because you'll have, either, to drop everything into a tax return, or run the Calcxml calculator above to see how much of the social security is taxed ... add that to the CD income (and any other income) then calculate, based on filing status, standard deduction, etc to get to the tax bill

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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,882
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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