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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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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?

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

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?

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

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