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    SueK65's Avatar
    SueK65 Posts: 1, Reputation: 1
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    #1

    Jun 29, 2010, 08:45 AM
    How will my small inhertance effect my social security
    How will scial security effect my inheratance?
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Jun 29, 2010, 09:01 AM

    Inheritance is not earned income. It should have no effect on your social security. Depending on the state you are in, some tax inheritance, some not, you will have to pay.

    I see from your screen name, it may indicate you are already 65; so you will start collecting this year?

    Edit: didn't mean to keep you guessing on which states charge, etc. I couldn't locate the website with the list. Hopefully some other member will come up with it.

    Tick
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #3

    Jun 29, 2010, 09:08 AM

    Hello S:

    Tick is right. Your inheritance won't affect your social security at all. Taxes are another issue. I'm sure you'll owe some.

    excon
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #4

    Jun 29, 2010, 01:39 PM
    Quote Originally Posted by tickle View Post
    ... Depending on the state you are in, some tax inheritance, some not, you will have to pay.
    ...
    I couldnt locate the website with the list. Hopefully some other member will come up with it.

    tick
    Here is one site.

    The same site also has a chart on state estate taxes.

    The difference between estate tax and inheritance tax is who pays it. The decedent's estate pays an estate tax, the recipient pays an inheritance tax.
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