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My 4yr old was awarded BACK PAY in 2016 from Social Security. She is approved for Survivors Benefits since I was approved for disability. Her back pay is OVER 25k.
Based on HIGH dollar amount, do I need to report as income?
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My 4yr old was awarded BACK PAY in 2016 from Social Security. She is approved for Survivors Benefits since I was approved for disability. Her back pay is OVER 25k.
No, you will not need to report this as income for either of you. Any income listed for your daughter is never reported by the parent. And this being the case, the social security amount received by your daughter (assuming she had no other income, of course) is not enough to be taxable, although it seems to be a sizable amount. You have nothing to report for this amount on either of your returns.
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My 4yr old was awarded BACK PAY in 2016 from Social Security. She is approved for Survivors Benefits since I was approved for disability. Her back pay is OVER 25k.
No, you will not need to report this as income for either of you. Any income listed for your daughter is never reported by the parent. And this being the case, the social security amount received by your daughter (assuming she had no other income, of course) is not enough to be taxable, although it seems to be a sizable amount. You have nothing to report for this amount on either of your returns.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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My 4yr old was awarded BACK PAY in 2016 from Social Security. She is approved for Survivors Benefits since I was approved for disability. Her back pay is OVER 25k.
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My 4yr old was awarded BACK PAY in 2016 from Social Security. She is approved for Survivors Benefits since I was approved for disability. Her back pay is OVER 25k.
**Mark the post that answers your question by clicking on "Mark as Best Answer"