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posted Oct 5, 2022 5:49:32 PM

I receive monthly income from a family member, do I report it?

I receive monthly income from a family member, do I report it? The family member receives our deceased parent's pension, then divides it among the siblings. Do I report this as income?

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Level 15
Oct 6, 2022 6:13:53 AM

Does the family member receive a tax reporting statement (such as a 1099-R), report all of that income on their tax return (paying all of the income taxes thereon) and then distribute a share to each sibling?

If so, then you have essentially received a gift and do not need report the gift as the recipient of the gift. 

 

 

1 Replies
Level 15
Oct 6, 2022 6:13:53 AM

Does the family member receive a tax reporting statement (such as a 1099-R), report all of that income on their tax return (paying all of the income taxes thereon) and then distribute a share to each sibling?

If so, then you have essentially received a gift and do not need report the gift as the recipient of the gift.