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4/23/07, 12:53 pm

Legal Question

social security

If a trust gives a gift to someone is this gift considered income?

ie someone sets up a trust and that someone wants to recieve 100 a week from this trust(he is not trustee)can he and if so is it concidered income?

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Re: social security If your question is whether income from a trust is "income" for state or federal tax purposes, you n...

Answered By:

Randall Selagy

Re: social security

If your question is whether income from a trust is "income" for state or federal tax purposes, you need to re-post the question in the tax/trust forum.

If you mean will the Social Security Administration consider transfers from a trust to a person as income to that person who receiving a Social Security benefit, the answer is yes.

If you are receiving a disability benefit, the income does effect the monthly benefit. But if you are receiving SSI, any other source of income or "resource" will be considered and may lower you SSI benefit.

Re: social security Income for what purpose? Income for early retirement pays taxes on each dollar of two earned beyond...

Answered By:

G. Joseph Holthaus III

Re: social security

Income for what purpose?

Income for early retirement pays taxes on each dollar of two earned beyond $12,960 this year. This is known as a wage limitation.

If you are disabled then you are collecting social security under another program.

If you are asking about income taxes then generally the trust pays these.

Consider resubmitting your question or contact an attorney for assistance.

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