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Author: JimHasFool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121598  
Subject: Taxes on Survivor Benefits Date: 1/11/2011 12:01 AM
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My brother passed away and left a wife and three small children. The total monthly SS Survivor benefits are split 3 ways and paid to the three kids. The wife is a school teacher and has a nominal income of less than $50,000. Anyone know if or how the SS Survivor Benefits should be reported?
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Author: Donna405 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111917 of 121598
Subject: Re: Taxes on Survivor Benefits Date: 1/11/2011 12:03 AM
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Someone correct me if I am mistaken. The SS benefits to the children are the children's income and no one else's. If there is any reporting to be done, it will be under the children's (individually) SS numbers.

Donna

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111918 of 121598
Subject: Re: Taxes on Survivor Benefits Date: 1/11/2011 12:33 AM
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Anyone know if or how the SS Survivor Benefits should be reported?

A 1099 will be issued in each child's SSN. Benefits are reported on each child's return if the child has a filing requirement. Rules about taxability are the same as for any other SS benefits, so it's unlikely that anything will be taxed.

Phil
Rule Your Retirement Home Fool

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Author: JimHasFool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111922 of 121598
Subject: Re: Taxes on Survivor Benefits Date: 1/12/2011 9:31 PM
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Thanks for the answers.

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