Today Steve in Appleton, WI has a question. “My wife passed away in last year. My daughter, age 16, qualified for social security benefits of $621 a month. The check comes to me, as her father.
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I use it to help us make ends meet. I also save some money towards her college education. Is this benefit taxable?
My daughter does not work, so she has no taxable income.
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Do I have to report it as income on my tax return?”
Dear Steve,
Oh what a shame! I’ll bet you both miss your wife terribly.
At least the good news is – if the SS benefits were to be taxable, they would be reported on your daughter’s tax return. And, as long as she’s not working, her income isn’t high enough to matter.
Social Security benefits do get taxed when you have income of over $25,000. For now, your daughter has a long way to go before she reaches that.
Incidentally, you may consider putting some of that money into an educational IRA.
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Now that you can contribute up to $3,000 this year, it may grow faster if it grows tax free. But, please, invest it securely, she’ll be in college soon.
Naturally, you’ll find answers to all your questions about income sources and other tax information, free.
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Where? At TaxMama.com
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