Financial Information
Must guardians of senior citizens claim the seniors’ SS and retirement funds on their tax forms?
Question : Must guardians of senior citizens claim the seniors’ SS and retirement funds on their tax forms?
Is a senior’s income considered a guardian’s income? Can retirement and Social Security funds be taxed? Or is the senior’s money only bound to their name and therefore tax free?
retirement funds
Best answer:
Answer by ez80227
no, it’s the seniors income and usually isn’t enough to pay taxes on. the gaurdian merely decides where it gets spent.
the tax statement will come under the senior’s name.
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#2 written by Mathew 1 year ago
A Senior, regardless of a guardianship, remains responsible for their own tax liability. Retirement income is subject to Federal income tax and Social Security benefits may be depending on the amount of their other income. If the combination of those are below the filing limits the senior would normally not be required to file a return. Before a single person over 65 would need to file their taxable income would need to exceed $ 10,750 for 2009 To make any portion of the SS taxable a single person would take one half of the SS annual benefit and add all the other income received from any source. If that total exceeds $ 25,000 some portion of the SS benefits are taxable.
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#3 written by saved_astronaut 1 year ago
ANY govt income CANNOT B taxed.
that income given 2 the recipient MUST B used 4 them, NOT the guardian. if the recipient is living w/ the guardian, then a portion of the income is used 2 help pay that person’s (the recipient’s) share of room, board, food, etc. the recipient MUST by law have a certain portion of that income 4 personal use. -
#4 written by Judy 1 year ago
No, a guardian doesn’t claim the other person’s income on the guardian’s tax return. If the other person has enough income to be required to file, then the guardian is responsible for seeing that happens. If ss is the senior’s only income, it isn’t taxed – if the senior has other income too, some of the ss might be taxed.
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#5 written by enginerd 1 year ago
I am no tax expert but I have been doing my aged mother’s taxes for many years.
Social Security is taxable if you make too much other money. There is a form that takes you through the calculation.
I file my mother’s taxes. Her income is her income. She pays taxes based on her income. It has nothing to do with my income.
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seniors income is seniors income. social security and retirement income is taxable over limits