QUESTION
my mother is 84 and cashing in savings bonds (series E) worth $70,000.00 after interest paid. what is her tax rate ?
Asked on Jun 11th, 2014 on Elder Law - New Jersey
More details to this question:
$48,000.00 is interest, and brings her total income to $75,000.00
1 ANSWER
2 Awards
I believe the tax bracket for $75,000 of income would be 25%. The interest is added to the person's income for the year, and the tax paid on the total income.
Answered on Jun 12th, 2014 at 3:18 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship