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I withdrew 36000 from my tsp. I have about 45000 in medical…

I withdrew 36000 from...

I withdrew 36000 from my tsp. I have about 45000 in medical bills. Our gross income is 107000. I am 60 years old. About how much tax will we have to pay

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We should itemize and we live in ny

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not that I can think of

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Answered in 48 minutes by:
3/20/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,163
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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You should itemize due to your medical bill expense.

Does your gross income include the TSP withdraw?

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Customer reply replied 1 month ago
No, it was a 40000 withdrawal with 10% taken out automatically
Customer reply replied 1 month ago
Have to do it by text
Customer reply replied 1 month ago
Gross income 107000 plus 40000 tsp minus 4000 plus 45000 medical bills

If your gross income is $107,000 (which includes the $36,000 TSP) and you have not paid any tax through withholding and are married filing jointly with $45,000 of medical bills, your approximate tax liability would be.

$107,000 - $34,300 medical bill itemized deductions = taxable income of $72,700 with a tax liability of $10,070

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Customer reply replied 1 month ago
Which means we would owe 10,070?

Your total earned income is 147,000.

Your medical deduction will also change. ..... to $30,300

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Customer reply replied 1 month ago
Total we owe to Uncle Sam ?

This will bring the amount you owe up to $13,289

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This does not include any other deductions or any amount withheld from W2 income.

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Customer reply replied 1 month ago
Ok, anyway to reduce it?
Customer reply replied 1 month ago
File separate or married make a difference

Married filing separately generally is never the best option.

You most likely have paid a good amount in through W2 withholding's. Also, you may have had some taxes withheld when you withdrew money from the TSP.

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You also will have other deductions since you itemized such as real estate tax or mortgage interest for example.

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Customer reply replied 1 month ago
we paid 4000 right off the bat

The amount, I gave you is the top end and if you have no other payments into tax.

You can subtract the $13,289 - $4,000 you paid in =$9289

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,163
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
Ok thanks for your help. Need another tea party. Lol.

hahah. If this was done in 2018, your tax liability would be lower.

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Chad EA, CFP ®
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Category: Tax
Satisfied Customers: 2,163
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