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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10130
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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I am receiving ssa monthly retired benifits at age 66yrs.

Customer Question

I am receiving ssa monthly retired benifits at age 66yrs.
does receiving inheratence moneys after retirement affect my monthly ssa allotment. and do the inheratence funds need be reported over 10,000 dollers.
Submitted: 4 months ago.
Category: Social Security
Expert:  Lane replied 4 months ago.

Hi. My name's Lane. I can help you here

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No, no effect at all if these are SSA RETIREMENT benefits.

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Only certain disability benefits (not SSDI based on work record just as retirement benefits are) such as SSI the means tested diability program for the impoverished.

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And the annual GIFT tax exclusion (the tax that can be due from the GIVER of the gift) is now up to 14,000.

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But the giver only reports that to track against the LIFETIME gift tax exclusion of $5,450,000. (Only if they've given away more than that would the gift actually caus a tax)

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But for the RECEIVER of the gift? No this is not taxable, reportable, nor does it affect your social security retirement benefits at all

Expert:  Lane replied 4 months ago.

Fo INHERITANCE ... the final gift, that same $5 million+ applies ... so likely no gift OR estate tax to the person leaving the money.

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And gifts and inheritances are specifically excluded from income (Internal Revenue Code section 102) for the person receiving the money.

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And again, if your SSA benefit is a RETIREMENT benefit it cannot be afected.

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Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

Otherwise I’m working for no crediting at all here

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Thank you!

Lane

I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.