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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7147
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I have been left a pension of $282.30 a month from a friend

Customer Question

I have been left a pension of $282.30 a month from a friend who passed away, and must fill out federal and state ( Michigan) withholding certificates for pension payments W-4P forms.
Wondering what would be best to do I am a single mom unemployed with a 17 year old,I receive $450 a month in child support. This is all new for me with not being employed, I have health issued that forced me to close my business, and do not foresee having an income anytime in the future. Thank you in advance for your help in how to claim or opt out on anything being withheld.
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

If you claim 2 exemptions, 1 for yourself & 1 for your child, there should be no tax withholding from the pension & you should not owe any income taxes and if that income is all that you have, you won't be required to file tax returns. The child support is not taxable nor is it reportable on any tax return.