What are the tax implications of survivor's benefits?

What are the tax implications of survivor's benefits?

Survivor's benefits can be taxable depending on the source. Generally, Social Security benefits are not taxable if your total income is below a certain threshold.

What income thresholds should I be aware of?

For 2023, if your combined income is below $25,000 for single filers or $32,000 for married couples filing jointly, your benefits may not be taxable.

Are there any deductions I can claim related to survivor's benefits?

Yes, you may be able to deduct certain expenses related to the benefits, such as medical expenses or other qualifying deductions.

How do I report these benefits on my tax return?

You report survivor's benefits on your tax return using Form 1040. Make sure to include any taxable amounts in your income.