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I am 66yrs old married filing jointly $70.000 income. Will I…

I am 66yrs old...

I am 66yrs old married filing jointly $70.000 income. Will I pay taxes on my SS benefits of $24.000

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$6000.00 interest on mortgage $6500.00 in fed tax

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Answered in 2 minutes by:
1/19/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,716
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Some of your SSA benefit will be taxable. Here is how I calculated that

1Total Social Security benefit $24,000

2One-half of line #1 $12,000

3Adjusted Gross Income items (without 'adjustments') $70,000

4Add back tax-free interest $0

5Add lines 2,3 and 4 $82,000

6Adjustments (deductible IRA contributions)$0

7Subtract line 6 from line 5 $82,000

8MAGI base amount $32,000

9Subtract base amount (line 8 from line 7) $50,000

10Enter factor based on filing status $12,000

11Subtract 10 from 9 (min = 0) $38,000

12Enter the smaller of line 9 or line 10 $12,000

13Enter one-half of line 12 $6,000

14Enter the smaller of line 2 and line 13 $6,000

15Multiply line 11 by 85% (min = 0) $32,300

16Add lines 14 and 15 $38,300

17Multiply line 1 by 85% $20,400

18Enter the smaller of line 16 or 17 $20,400

Taxable Social Security benefit $20,400

Percent of Social Security benefit subject to taxation 85%

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,716
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. and 87 other Tax Specialists are ready to help you
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I did a quick estimate for you and you may owe $4000

$70000 income, $24000 SSA, $10000 401k was used as income and your $6500 of Fed Tax Paid

The ROTH was not used because it is not taxable usually

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Free Extra Info

Based on your 2017 calculations, the new tax reform law could mean you owe $1,975 next year.

That would be almost a $2000 tax savings for 2018

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Customer reply replied 1 month ago
Thanks Robin, that was my next question. I think I might start taking my SS this year. Just have to figure out how to reduce the $1975.00.
Thanks again you have been very helpful. Gary

You are most welcome.

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