Tax Facts Grab Bag
10,12,22,24,32,35,37 & 0,15,20
What percent do they withhold from my income for Social Security? At what income level do they stop the withholding?
6.2% and $168,600
Roth IRA contribution limit for someone over 50 and their phaseout range if MFJ?
$8,000 and $230,000 to $240,000
This year, I received a pension of $55,000, took a $15,000 distribution from my Roth IRA, had $3,000 in muni-bond interest, converted $8,000 from my traditional IRA to Roth, took a $2,000 distribution from my HSA to pay for doctor's visits, and sold a stock at a short-term capital of $1,000. What's my AGI?
$64,000
What is our Fax number
814-461-7239
What is the standard deduction for someone filing HOH?
21,900
How much do they withhold from my income for Medicare? At what income levels do they increase the amount? At what income level do they stop withholding it?
1.45%, 250,000 & 200,000, never
401(k) contribution limit for someone over 50? How about a 403(b)? 457(b)?
30,500, 30,500, 30,500
Are the following deductions above or below the line?
1. HSA contributions?
2. Mortgage Insurance?
3. Student loan interest?
1. Above
2. Below
3. Above
Does PA tax SS benefits? How about retirement account distributions?
No & No
Annual gift tax exclusion per donee? How much can I give away during my lifetime and leave to heirs at death before I am taxed?
18,000 & 13,610,000
If I am self-employed, what percentage of my self-employment income do I have to pay towards SS & Medicare?
15.3% (12.4 + 2.9)
Can my wife contribute to a traditional IRA if she doesn’t have a 401k available to her from her employer but I do? We make $180,000 combined.
Yes, Roth phaseout limits apply
My wife and I have an AGI of $100,000 and we file our taxes MFJ. What cap gain rate would I have to pay on a $3,000 long-term gain.
0
What is the PA income tax rate?
3.07%
At what age do I have to start taking RMDs? Approximately what % do I have to take from my retirement accounts?
73 and 4% (3.77%)
At what age am I eligible to claim my widow benefit from SS? Will it be reduced if I'm not FRA? Can I switch to my own benefit later on?
60, yes, and yes
How much can both employee and employer put into a 401(k) combined annually?
69,000 /Catch up 7,500
I am single, receive a pension of $18,000/yr, SS benefit of $22,000/yr, and have no other income. How much of my SS benefit is taxable?
50% or $11,000
My aunt bought 5 shares of Apple stock for $20/share back in 2000. She died in January this year and I inherited the 5 shares of Apple stock when it was valued at $5,000/share. If I sold the 5 shares of stock today for $6,000/share, what are the tax implications of the sale?
$5,000 LTCG
Max amount I can receive for the child tax credit per child? How about the American Opportunity Tax Credit? Lifetime learning credit? (hint: 2 of the answers are the same number)
2,000 per child, 2,500, and 2,000
I am 62, my husband is 67 and still working, he has not yet claimed his SS benefits. Am I able to file for the spousal benefit? How much of his benefit am I entitled to? Will it be reduced if I am not FRA yet?
No, he has to be claiming for you to be able to take the spousal benefit. 50% of his age 67 benefit, and yes.
I have a traditional IRA valued at $120,000. My AGI is $85,000 and I file single. What would my TAXABLE income be if I converted all $120,000 to Roth?
$190,400
All of it, LIFO tax treatment
If I inherit an IRA valued at $220,000 from my father in March of 2022, do I have to take a certain amount from it every year? Do I have to pay inheritance tax on it if I live in PA? What percentage?
No, 10-year rule
yes, 4.5%