In 2032 I sell real estate which brings in 4 million in cash and about 2 million in profit. At this time my husband & I have both been retired for many years. The progam stopped showing FICA tax at our retirement but charges FICA in 2032 on the real estate profits in the amount of $89,000. THen in 2033 in the amount of $21,000 then until our deaths in the of 2,000 ish each year.
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This is probably the new 3.8% medicare B taxation on unearned income. For this release, if this tax impacts you, it is listed under FICA in retirement.
Best regards,
Brian
Yep, that should be it.
Best,
Dick Munroe
While it is true that there are few things as certain as death and taxes, the tax processing timeline this year has changed based upon a relatively new holiday. I found this here: Tax filing deadline extended to April 18, 2011 Emancipation Day, which was officially adopted as a holiday within the District of Columbia in 2005, will trigger the income tax filing timeline to be pushed ahead from April 15, 2011, to April 18, 2011. Emancipation Day frees up procrastinators to file after April 15, which is the official holiday observance day in 2011.