My parents adopted their great granddaughter. She gets soc.sec. benefits monthly. Is this a taxable income?
State/Country relating to question: Iowa
Thank you for using Just Answer. If the the social security benefits are in the great granddaughter's social security number, this would be income to her. However, social security benefits are not taxable income until her other income and half of her social security income combined totals $25,000 or more for the year.http://www.irs.gov/newsroom/article/0,,id=179091,00.htmlIf you need further clarification, please let me know. I look foward to your response. Stephanie
MTax, EA, QuickBooks Proadvisor. Over 10 years accounting and tax experience specializing in individual and small business.