Inheritance income

Forum|Forum|3 years ago
September 28, 2022
1 reply
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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?

VincentL

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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nddragun1Author

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 A lump sum was withdrawn from that IRA and placed into an separate trust account from which I will be receiving the annual payments.