I'm 72. I stopped working last Fem. My only source of income is SSI as a surviving spouse. In March I learned I will be receiving an inheritance amount for the next 10 years. How is the inheritance reported and taxed?
You'll need to sign in or create an account to connect with an expert.
The determination of taxability is dependent upon the characteristics and nature of the payments. Are the payments from a trust, or insurance, or an IRA? This would effect any taxable determination of the payment. There isn't enough information provided in your question to provide a well reasoned reply. I am sorry.
The money being paid was originally from an IRA. A lump sum was withdrawn from that IRA and placed into an separate trust account from which I will be receiving the annual payments.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
bhsong206
Returning Member
StrangerAtXRoads
Level 2
shirlbrav
New Member
milles69
New Member
mulleryi
Level 2