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Returning Member
posted Jul 15, 2021 1:07:21 PM

Inheritance benefit vs social security

Will an inheritance of $10,000 to $20,000 need to be reported to social security since there is no federal inheritance tax and is not reportable on my tax return?

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1 Replies
Employee Tax Expert
Jul 15, 2021 1:38:34 PM

Hi jmurphy-ectisp-n, thank you for joining the TurboTax Special Forum today.

 

What Income Is Included in Your Social Security Record?

Only earned income, your wages, or net income from self-employment is covered by Social Security.

Pension payments, annuities, and the interest or dividends from your savings and investments are not earnings for Social Security purposes. You may need to pay income tax, but you do not pay Social Security taxes.

https://www.ssa.gov/benefits/retirement/planner/annuities.html 

As you mentioned, inheritance is not income taxable, it has no impact on your Social Security benefits. You do not need to report inheritance $10K - 20K to Social Security.