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xelance
New Member

I am 73 yrs, rtd, single, not blind, a FL TP. My ‘22 YTD income is $14k SSA, $14k dividend + interest, $9k s.t. gains, $33k l.t.g.  I take the std ded. Est ‘22 taxes?

Should I make a ‘22 estimate tax payment?
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I am 73 yrs, rtd, single, not blind, a FL TP. My ‘22 YTD income is $14k SSA, $14k dividend + interest, $9k s.t. gains, $33k l.t.g.  I take the std ded. Est ‘22 taxes?

Q.  Should I make a ‘22 estimate tax payment?

A.  No.  That assumes that you did not have a tax liability in 2021.  As long as you withheld enough tax to cover your previous year tax laibility, there is no penalty for under paying the current year tax.

 

Q. Est ‘22 taxes?

A. Use this tool:  https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1

 

Rough calculation: The extra income will cause 85% of your social security to become taxable.  So,your gross income will be about $68K.  Minus $14,700 standard deduction =  $53K taxable income.  $10K will be taxed at 10%. You can't lump dividends and interest together, as "qualified dividends" (QD) are taxed at ltg rates.  About 11K will be taxed at 12%.  About $20K of ltg & QD will be taxed at 0%  and the rest at 15%. 

10K x 10% = 1000

11K x 12% = 1300

20K x 0%  =        0

12K x 15% =  1800

                          $4100 Tax

I am 73 yrs, rtd, single, not blind, a FL TP. My ‘22 YTD income is $14k SSA, $14k dividend + interest, $9k s.t. gains, $33k l.t.g.  I take the std ded. Est ‘22 taxes?

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