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ShawnA
ShawnA, SS Expert, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS , Decades of experience helping clients..
Category: Social Security
Satisfied Customers: 2884
Experience:  SS Expert, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience helping clients..
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I am the beneficiary of a trust the money is not owned by me

Customer Question

I am the beneficiary of a trust the money is not owned by me it is only for my benefit. I received money from my dad ot is on my trust i have to pay income tax on it can it be put under my name personally and taxed and not effect my social security disability?
Submitted: 8 months ago.
Category: Social Security
Expert:  Megan C replied 8 months ago.

What type of disability are you on?

If you are on REGULAR disability, this will not impact you - it's not "earned" income - so even though it's taxed, you can still get disability. Only if you have earnings from work you performed, does it impact your benefits.

If you are on LOW INCOME disability -- any asset you receive can count against your benefit, regardless if it's earned or not.

Please let me know if you need anything additional. If not, please rate positive.

Customer: replied 8 months ago.
I have a mental disorder i think that is the kind of disability i have describe low income disability and regular please help me figure out what kind of disability i have then i want to know if my taxes can be filed undet me personallynor filed by my trust and whether it will effect my social security benefit in any way
Customer: replied 8 months ago.
Can my taxes be filed personally and not effect STAY CONNECTEDCan my taxes be filed by me personally and not effect my social security benefit. Do not charge me any more money
Customer: replied 8 months ago.
Did you see my question on explain what regular disability is. I get widows pension or social security and medicare disability if that helps you at all i have a mental disability
Customer: replied 8 months ago.
I am still waiting for an answer about social security
Expert:  ShawnA replied 8 months ago.

The best solution is to contact SS and determine what disability they are paying you on. You can do this securely by yourself without talking by accessing it on line. I'm thinking it's a mental disability and that means there is no taxation on the money you get (it's not like the money you earned because you have a job). Your taxes can be filed personally and it should it effect you in any way.

Expert:  ShawnA replied 8 months ago.

Here is the way to access SS securely online: https://secure.ssa.gov/RIL/SiView.do

Expert:  ShawnA replied 8 months ago.

I'll also offer you a call. Not at the high normal rate of $50 but a much lower rate and we'll take as much time as you need.

Expert:  ShawnA replied 8 months ago.

Darn. There is a technical issue about the call and I can't offer it.

Expert:  ShawnA replied 8 months ago.

I was offer you the one call rate (it will cover both of your questions). The offer is on your other question.

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