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Kim B | I receive my mother's pension each month since her death. Is this income considered inheritance and taxed? |
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the d
 |
that is taxable income, yes |
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ang253253
 |
yes |
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jcurrieii
|
It would be classified as income, assuming it is a "Survivor's Benefit." If it is NOT a "Survivor's Benefit," and is the actual pension payment she was receiving as a retired person, your cashing of the cheques can be considered fraud.
Contact the source of the cheques (Union, former Employer, Government, etc...), and see if they were aware of your mother's passing (you may need to provide a copy of the death certificate). Whether they were or not, ask if the cheques you've been receiving are her actual pension payments or a Survivor's Benefit.
If they are NOT a Survivor's Benefit, return the cheques uncashed, and offer to repay the ones you have cashed. The *offer* will help to delay or prevent prosecution. |
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SweetPandemonium
 |
i've heard of a spouse getting the other spouse's pension (like my mom gets my dad's) but i've never heard of a child getting a parent's. |
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v b
 |
If you are the beneficiary on a tax-deferred annuity or IRA, then yes, this is income to you and taxed accordingly. |
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taxreff
 |
I agree with the first 2 answers in this thread.
I would add that you may want to take all of the appropriate papers with you to a tax professional sometime in the next few months. Tax treatment of such payments can get tricky, depending upon the payout terms, the type of retirement account, etc. You want to make sure you will not get an unpleasant surprise at some point in the future. |
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ninasgramma
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A pension is taxable regardless of the recipient. However, it may not be fully taxable, and the tax document you receive (1099R) may not show how much is taxable (Box 2).
If the taxable amount is not determined from the 1099R, go to a professional preparer who can figure how much is taxable.
The amount of taxable pension may depend on the age of the decedent, your age, and the amount of employee contributions. |
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Doctor Deth
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probably not inheritance, since each month's was not in your mother's possession before she died - taxable income |
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hamrrfan
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Have you notified the issuer of the checks of her death? You could be accused of fraud, if you are not entitled to these. Usually only a surviving spouse is entitled to receive pension benefits. |
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