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-   -   Retirement and social security check taxes (https://www.askmehelpdesk.com/showthread.php?t=239538)

  • Jul 20, 2008, 10:55 AM
    chisbel
    Retirement and social security check taxes
    I did no get an answer to my previous question.
    Repeat
    How much federal income tax will someone have to pay on retirement check of $45,000 per year?
  • Jul 20, 2008, 03:11 PM
    smearcase
    I am not a tax expert but I can tell you it is not possible to answer your question based on the information provided. I assume the $ 45K is part reirement and part soc. Security?
    It is simple to estimate if you go to IRS Forms and Instructions.gov
    I don't know what form you normally use. The info below is an example based on use of the 1040 form. It is also based on 2007 regulations which could change before 2008 taxes are due.
    You need to complete the 1040 form down through income (stop at social security line) and then you go to a worksheet (the worksheet is on page 24 of the instructions) for determining how much (if any) of your social security is taxable income. You would then have to complete the rest of the form to determine what your approximate tax would be. I don't know an easier way to do it unless maybe if you have a tax program on your computer.
  • Jul 21, 2008, 11:36 AM
    AtlantaTaxExpert
    Chisbel:

    You need to give us more information. We need to know:

    - Is it a private retirement check, or part SS and part private pension?

    - Are you married or single?

    - Are there are dependents? If so, what age?

    - Are there are any OTHER sources of income?

    THAT is why you got no answer!
  • Jul 21, 2008, 11:50 PM
    free grants
    Quote:

    Originally Posted by chisbel
    I did no get an answer to my previous question.
    Repeat
    How much federal income tax will someone have to pay on retirement check of $45,000 per year?

    I am not expert in federal income tax and the best things you do is to check the IRS website about retirement benefits and check. Internal Revenue Service
  • Jul 22, 2008, 12:19 AM
    MukatA
    Need more info about the retirement check.
    If it is taxable income, then it will be taxed as ordinary income.

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