Taking into account itemized deduction, I speculate around $60,000. will be my taxable income. The state taxes to be paid on home and other real properties will reach about $8,000. I am 74 and retired on pension. I also pay Maryland state taxes on retirement pension. What happens is with itemized deductions and planned charity, it exceeds the amount of taxes irs may accesses and I paid into it? That would possibly put me in a negative tax situation. What then happens?
