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I will be 60 in June. I have a frozen pension which will pay…

I will be 60...

I will be 60 in June. I have a frozen pension which will pay me 149000. AS of June, I will have earned income of approximately 25000. My husband draws 2000/mo in SS disability, and 2000/mo pension. What would our tax be ( married filing jointly) for 2018 tax year?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

The 149,000 is a lump sum.

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Answered in 4 hours by:
3/18/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,319
Experience: Taxes, Immigration, Labor Relations
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So far ....

your income is expected to be

- wages - $25000

- lump sum distribution - $149,000

Your spouse's expected income

- social security disability benefits $24,000

- pension $24,000

Your estimated tax calculations in 2018 will be - without lump sum

Adjusted Gross Income (AGI):$69,400

Std. Deduction:$24,000

Taxable Income:$45,400

Estimated federal income tax liability - $5,067

.

With additional lump sum distribution $149,000

Estimated federal income tax liability would be - $35,235

Let me know if you need any help.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,319
Experience: Taxes, Immigration, Labor Relations
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