Can we claim our monthly stipend/retirement money from our owned business as Miscellaneous income? We are retired and did not set up a pension plan.

[jdeidel]

We owned the business and our sons took over the business. These monthly payments are an agreement we made together.

[Opus 17]

Not as you indicate.

It sounds like you are investors or partners.  The business might be a partnership or multi-member LLC, in which case you are passive partners.  The partnership must file a 1065 partnership return, and issue the payments on a K-1.  Or, the business might be an S-corporation, where you are shareholders but don't actively participate.  In that case, owners who do participate receive a W-2 for their wages, and any extra income is paid as dividends to the shareholders.  The S-corp files a form 1120-S tax return and the shareholders get a K-1 for their profits.  The K-1 goes on your personal tax return.

You and your sons need to file extensions ASAP, and then get professional tax help.