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What are the different federal and state tax brackets for…

What are the different federal...
What are the different federal and state tax brackets for someone on social security and receiving some rental income?
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Answered in 5 minutes by:
3/14/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,743
Experience: Taxes, Immigration, Labor Relations
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Income tax brackets are SAME.

But depending on your net rental income - social security may be non taxable or partly taxable.

Let me know amounts and I will help with determination.

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Customer reply replied 1 month ago
I don't know my net. So I would use the net rental income to see what bracket I got in? Would I add social security too? Can you tell me what the brackets are currently? Thx!

You will need to start with your gross rental income -

MINUS rental deeductions

= net rental income.

.

Then - you will be able to to verify if any part of your social security benefits is taxable.

Here is a simple test

- take half of your social security benefits plus other taxable income

- if the total is less than $25,000 - none of your social security benefits are taxable.

But if more than the threshold - we need to use a special worksheet to calculate a taxable portion.

.

After that - you will apply your standard deduction (it is larger if you are above 65) and personal exemption

and that will resulted in taxable income.

.

Tax rates for single persons in 2017 are

-- for taxable income below $9,325 -->> 10%

-- for taxable income between $9,325 and $37,950 -->> $932.50 plus 15% of the amount over $9,325

-- for taxable income between $37,950 and $91,900 -->> $5,226.25 plus 25% of the amount over $37,950

.

Let me know if you need help with estimations.

If you provide approximate amount - I will be able to help.

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Customer reply replied 1 month ago
Do you know the bracket / rate for above $91900?

Yes - sure

- for taxable income between $91,900 and $191,650 -->> $18,713.75 plus 28% of the amount over $91,900

- for taxable income between $191,650 and $416,700 --> $46,643.75 plus 33% of the amount over $191,650

- for taxable income between $416,700 and $418,400 -->> $120,910.25 plus 35% of the amount over $416,700

- for taxable income between ABOVE $418,400 -->> $121,505.25 plus 39.6% of the amount over $418,400

These are for 2017 tax year

tax brackets are different for 2018.

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Customer reply replied 1 month ago
I thought rental income was taxed at a different rate than regular income? Is that incorrect?

Rental income is taxed at regular rates.

ONLY long term capital gain will be taxed at reduced rates.

If for instance you sell your appreciated rental property - and realize a gain - that gain is taxed at reduced rates.

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Customer reply replied 1 month ago
I'm under the $91900 limit now but was thinking about buying another property that would put me over but only give me about $7k net (before income taxes) in rental income. Looks like it might not be worth it for me though...
Customer reply replied 1 month ago
But that is using my gross rental income for the other properties. Should I be thinking about the net rental income when doing that math to see what bracket o would be in?

First of all - yes - we need to use NET rental income - after all deductions.

Second - tax rates are slightly lower in 2018

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,743
Experience: Taxes, Immigration, Labor Relations
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Lev and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
ok, thanks.
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