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| *Loan,banking and credit>>>child tax |
Does someone receiving SS-1099 for their minor children need to file a tax return? |
A friend of mine has two daugthers (10 yr & 5 yr). Their father passed away in Dec 2005. They received their father's social security $10,852 each. Their mother doesn't work. Does the mother need to file a tax return or pay any taxes on the money her daughters received? No. If this is the child's only income, there is no tax due and no return needs to be filed. If the children do not have any other income than no tax return is due. Make certain that the mother checks with the father's employee to make certain that he has any life insurance or retirements plans through his work and for who the beneficiaries are. Life Insurance is almost always tax free. Retirement benefits given to a spouse in tax differed until cashed in. Retirement benefits received by anyone else is taxable when received. The other important fact is because the mom does not currently work, any benefits that she qualifies for through the state may also be limited because Social Security for the children are considered household income. She will need to check with her case worker for details. If she has not applied for any of the benefits please talk her into doing so. While her husband worked he paid taxes that fund the programs and it is time for her to get some of it back. |
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