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Bill
Bill, Enrolled Agent
Category: Tax
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Experience:  EA, CEBS - 35 years experience providing financial advice
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My daughter has received Social Security benefits for 10 ...

Resolved Question:

My daughter has received Social Security benefits for 10 years in an account in her name due to my wife''s first husband''s death. She will be 18 in 3 weeks. Can we transfer those funds to our account to pay for her college, and what tax implication will that have?
Submitted: 8 years ago.
Category: Tax
Expert:  Bill replied 8 years ago.

No, you should not transfer those funds to an account in your name. The funds should remain in your daughter's name and used for her benefit which would include college expenses. Her SSN should be on the account and any income generated in the account is taxable to her.

http://www.socialsecurity.gov/payee/faqrep.htm

 

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