Sean, who is single, received social security benefits of $8,520, dividend income of $12,620, and interest income of $2,130. Except as noted, those income items are reasonably consistent from year to year. At the end of 2018, Sean is considering selling stock that would result in an immediate gain of $10,260, a reduction in future dividends of $1,065, and an increase in future interest income of $1,565. What amount of social security benefits is taxable to Sean?
Retain stock?
Sell Stock?
Given:
Social Security benefits: $8520
Dividend Income: $12620
Interest Income: $2130
Capital Gain(sell of stock) $10260
Reduction in future dividend $1065
Increase in future interest income $1565
Social security benefits(if retain stock) | |
Particulars | Amount (in $) |
Social security benefits | 8520 |
dividend income | 12620 |
interest income | 2130 |
total taxable income | 23270 |
Social security benefits(if sell stock) | |
Particulars | Amount (in $) |
Capital Gain | 10260 |
interest income | 3695 |
dividend income | 11555 |
total taxable income | 25510 |
Sean, who is single, received social security benefits of $8,520, dividend income of $12,620, and interest...
Sean, who is single, received social security benefits of $8,520, dividend income of $12,620, and interest income of $2,130. Except as noted, those income items are reasonably consistent from year to year. At the end of 2018, Sean is considering selling stock that would result in an immediate gain of $10,260, a reduction in future dividends of $1,065, and an increase in future interest income of $1,565. What amount of social security benefits is taxable to Sean?Retain stock?Sell stock?
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