I finished my husband's disability after his desk. I am told he has over $11,000.00 coming after they check medicare and workman's comp. How much taxes are owed on that amount?

Thanks,

Linda

Linda:

That will depend on your overall income situation. If that is your only income, you will owe NOTHING in taxes.

Let me know what your income sources are, and I can do an estimate for you.

Quote:

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Originally Posted by AtlantaTaxExpert

Linda:

That will depend on your overall income situation. If that is your only income, you will owe NOTHING in taxes.

Let me know what your income sources are, and I can do an estimate for you.

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I am presently working, hopefully for a few years yet. My income yearly is a gross of $30,000 but I am having trouble with the house I had to take on because we had a house fire and my husband wasn't working and I gave him money to try and finish the house but unfortunately he like to gamble. Right now I am thinking on filing bankruptcy or something because my paycheck does not cover the house and all of my bills. When I received the check $11,500.00 I had to get a car because my transmission went out in the old one, fix my teeth pay back taxes, etc. It did not last.

Thank you for your help.

Linda:

Your total tax liability for 2009 will be about $2,200. Check your latest paystub to see if your federal tax withholding will exceed $2,200 by the end of 2009. If it does, then you are cover for nay potential tax bill, though your refund next year will not be as large as it probably has been in the past.

Thank you