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Yes, you will need to claim the pension income
and it will be taxable to you. SEE BELOW:
The pension or annuity payments that you receive are fully taxable if you have no cost in the contract because any of the following situations apply:
You did not contribute anything or are not considered to have contributed anything for the pension or annuity
Your employer did not withhold contributions from your salary, or
You received all of your contributions (your basis) tax free in prior years. You can refer to the following IRS
webpage for more detailed information regarding this matter.
Your son will not be able to continue to claim you as a dependent
. Your income (pension) is not less than the threshold amount of $3,300. Based on the $385, your total pension income will be $4,620. You can refer to the following webpage for more information on claiming a parent as a dependent: