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Inheritance income

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?

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2 Replies
VincentL
Employee Tax & Finance Expert

Inheritance income

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.

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Inheritance income

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  A lump sum was withdrawn from that IRA and placed into an separate trust account from which I will be receiving the annual payments.

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