Welcome Guest. Register Now!  


For 2014 Tax Tips For Year 2014.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-24-2015, 06:41 PM
Junior Member
 
Join Date: Jan 2015
Posts: 1
disabled child

My daughter is 19 years old. In October of 2013 my wife and I were granted guardianship of her and she began receiving SSI benefits. At the recommendation of the attorney who did her guardianship paperwork he advised that we collect part of her SSI payment for room and board which we are doing. How will this affect our tax return? Should we expect to receive a statement from SSI? Does my daughter need to file taxes on her SSI benefits? Thanks in advance for any replies to this.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-25-2015, 07:02 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,134
My daughter is 19 years old. In October of 2013 my wife and I were granted guardianship of her and she began receiving SSI benefits. At the recommendation of the attorney who did her guardianship paperwork he advised that we collect part of her SSI payment for room and board which we are doing. How will this affect our tax return?===== =>>>> In most cases a custodial parent /guardian receives a check for a child’s benefits from SSA. While this check is made out in the name of the custodial adult, the income is nonetheless paid to the child. Because of this, you don’t report your child’s Social Security benefits on your return, even when the check comes in your name. Because SSI benefits are not taxable by the IRS, you will not pay State income taxes on this money either.however, Custodial parents must keep track of their child’s taxable benefits – of which SSI isn’t included – and report those on a return made in the child’s name.If you are the representative payee for your daughter who receives SSI benefits, you must report any income that your daughter living in the your household receives.


Should we expect to receive a statement from SSI?========>>>>>>>>no ssa1099 form; SSI benefits are intended to help pay for your food, clothing, and shelter and are not subject to Federal income tax. Because of this Social Security does not report what you receive from SSI to the IRS, or send you a 1099 at the end of the year.however, Some assistance programs require a print out of your benefit amounts for the prior year. For these cases Social Security can prepare a special benefit letter for you with the payment amounts you received each month of the previous year. Social Security representatives refer to this document as an “SSI 1099″ even though it is not reported to IRS.






Does my daughter need to file taxes on her SSI benefits? ========= >>>>>>>>no; The IRS specifically excludes SSI payments from taxation, and children who qualify for these benefits aren’t taxed on them. Because SSI income is partially need-based, the IRS doesn’t require recipients to report the income. While you don’t report SSI income when you submit a child’s Form 1040, you must list all other types of Social Security benefits as income, including survivor benefits and any additional disability payments the child receives.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Disabled filing taxes Tired ole nurse Tennessee 1 01-08-2015 11:33 PM
If same-sex spouses (who file using the married filing separately status) have a child, which parent may claim the child as a dependent TaxGuru For 2013 0 02-10-2014 06:10 PM
Divorce decree says husband can claim child as dependant - child turned 18, now wife says she is claiming son - Help. MacieRayne Divorce Tax Issues 2 02-07-2014 01:03 PM
Live with disabled ex wife sa35581 Filing Requirements 1 01-06-2012 12:59 PM
Is rent paid to parents from disabled child's ssi money considered income for the parents? troutmaster Rental Real-Estate 3 02-08-2011 12:59 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning