another tax question.

[Jody]

I receive social security now for my difficult child since her father passed away in April of this year. It's listed on the 1040 on 20A but doesnt look like it totals into the amount of income. Does that mean that I have to report it but it's not listed as income? Confused.

 

[TerryJ2]

Good question. I have an accountant do my cousin's taxes and I will look.
But someone here will beat me to an answer for sure. That's a good thing.

 

[Jody]

Thanks Terry, I do my own taxes and its always simple, but this year is a little different. Thanks for checking it out for me, I appreciate it.

 

[DammitJanet]

• • [h=2]Income[/h]
    
    • Social Security Survivor benefits to children are considered income,but this income is only taxable under certain conditions. In most cases, children receiving these benefits do not have to pay any income taxes, particularly if the survivor benefit is their only source of income. To determine if your child must pay taxes, you will need to calculate the child's unearned income, earned income and gross income. Unearned income includes income from investments such as interest and capital gains, and earned income includes salaries and wages. Gross income equals the unearned plus earned incomes. Your child's income is taxable if the unearned income is greater than $950, or the earned income is greater than $5,700. The child's income is also taxable if earned income plus $300 is less than the gross income, or if the gross income is more than $950.
      
      
    
    

 

[Jody]

In most cases, children receiving these benefits do not have to pay any income taxes, particularly if the survivor benefit is their only source of income. To determine if your child must pay taxes, you will need to calculate the child's unearned income, earned income and gross income.​

Thanks Janet, when they say your childs income, do they mean mine also? My brain has not worked right for quite awhile. ugh.

 

[DammitJanet]

No, not yours, your childs. I believe you would file another tax return for your child if they have to pay taxes.

 

[witzend]

Are you using a tax filing program to file, like Turbotax? They will really help you to find all of the answers to this type of question. It's a simple walk-through process.

 

[Jody]

Yes I am using turbotax. It was easy last year, hoping it wasnt going to be any different this year.