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I have no w2, I'm on disability but I took out money from my Ira and gave my son a 15000$ gift of love to buy a house. I just want to see how much tax I will owe?
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Get your taxes done using TurboTax
The gift to your son of $15,000 is not reported on your tax return. Nor do you have to file a Form 709 for the gift given since it was not over $15,000.
If you receive Social Security Disability benefits you will receive a Form SSA-1099 in January. Also in January you will receive a form 1099-R for the withdrawal from the IRA. The taxable amount of the withdrawal is entered on your tax return as ordinary income. Both the Form SSA-1099 and the Form 1099-R are entered on your tax return.
Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all your other income plus 1/2 your social security reaches:
- Married Filing Jointly - $32,000
- Single or Head of Household - $25,000
- Married Filing Separately - 0
If your taxable income is greater than the standard deduction for your filing status then you will have a tax liability and if you did not have any tax payment or the tax payments were less than your tax liability you will have taxes owed.
Standard deductions for 2019
- Single - $12,200 add $1,650 if age 65 or older
- Married Filing Separately - $12,200 add $1,300 if age 65 or older
- Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
- Head of Household - $18,350 add $1,650 if age 65 or older
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Get your taxes done using TurboTax
To enter Social Security benefits reported on form SSA-1099
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Retirement Plans and Social Security
- On Social Security (SSA-1099, RRB-1099), click the start or update button
Or enter ssa-1099 in the Search box located in the upper right of the program screen. Click on Jump to ssa-1099
To enter, edit or delete a form 1099-R -
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Retirement Plans and Social Security
- On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button
Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R