<p>I know that this has probably been asked a number of times before, but I have a question about inheritance in relation to the PROFILE. Under "Student's 2010 Income and Benefits," there is a question that asks, "Enter the amount of any other untaxed income you received or expect to receive in 2010." During this year I received money from an inheritance. Does the inheritance count as "untaxed income" that I received in 2010?</p>
<p>Thanks in advance.</p>
<p>This is a great question, so I am giving it a bump!</p>
<p>I THINK, after years of reading this board, that the common assumption is that an inheritance is NOT income, but is reportable as an asset.</p>
<p>I have read many discussions, people contend both at times, but it often comes back to not being income. I have not had to deal with it personally so this is just a general impression</p>
<p>I got a small “death benefit” from the state due to my mother’s death last year. It’s not an inheritance, I guess, but I was a bit confused as to how to deal with it on the Profile. It came in two checks; one was taxed and the other was not.</p>
<p>I didn’t include the value of the untaxed check (it was about $800, if I recall) as untaxed income, but I did submit a copy of the 1099G with my IDOC packet. I figure the college can do what they want with it… I mean, they will anyway, so why confuse things? ;)</p>