Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Colin Cody who wrote (855)	3/31/1998 7:28:00 PM
From: MYNGA	Read Replies (1) of 5810

My mom is 71 yrs old. She received SSI. Last year, she started to play the market and made about $20,000. To our surprise, our CPA said that she would have to pay ~28% on her total of SSI and the profit (after subtracting standard exemption). Colin, I thought I read somewhere that if a person over 65 yrs old, she or he will have tax free on her first $9,000. Am I wrong? Please response when you have time. We appreciate your help. Thanks.

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