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I would like to know how to figure out how much tax my

Customer Question
I would like to...

I would like to know how to figure out how much tax my husband and I need to plan on saving for in 1918 to pay.

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

My husband, 76, pension 23000, social security 22000, me, 73, social security 11,000. we both have medicare and drug ins. What will be our tax responsibility for 2018 under the new plan? Income $800 from investments?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

NO. Qualified dividends? yes

Submitted: 4 months ago.Category: Tax
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Answered in 8 minutes by:
3/21/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,881
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. …. My name’s Lane,

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

OK first, let's see how much of your Social Security is taxable (the calculation for that doesn't change.

....

Summary Table

Social Security Taxation - IRS Publication 915

1Total Social Security benefit$33,000

2One-half of line #1$16,500

3Adjusted Gross Income items (without 'adjustments')$22,800

4Add back tax-free interest$0

5Add lines 2,3 and 4$39,300

6Adjustments (deductible IRA contributions)$0

7Subtract line 6 from line 5$39,300

8MAGI base amount$32,000

9Subtract base amount (line 8 from line 7)$7,300

10Enter factor based on filing status$12,000

11Subtract 10 from 9 (min = 0)$0

12Enter the smaller of line 9 or line 10$7,300

13Enter one-half of line 12$3,650

14Enter the smaller of line 2 and line 13$3,650

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

16Add lines 14 and 15$3,650

17Multiply line 1 by 85%$28,050

18Enter the smaller of line 16 or 17$3,650

Taxable Social Security benefit ........ $3,650

...

Next I'll run the numbers under the new code for the tax itself

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

Summary Table

Estimated Tax Analysis

Gross income
(subject to personal rates)$26,650

Taxable Pass-Through Income+$0

Qualified plan contributions-$0

Adjusted gross income=$26,650

Standard/Itemized deductions-$26,600

Taxable income=$50

Tax liability before credits
(includes taxes on pass-through income)$5

Child tax credits-$0

Family tax credits-$0

Estimated tax liability = ..... $5

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

This i becasue, under the new tax law, the standard deduction is doubled, to 24000 ... then there's the additional standard deduction for being blind or over age 65.

...

And with only a small portion of your Social Security being taxable your TAXABlE income is just barely over the deduction amounts.

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will credit me for the work.

...

But again, let me know if you need more here,

Lane

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