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Level 1

Question

Do I report life insurance money I received from a deceased parent?

Forum|Forum|2 years ago
March 26, 2024
3 replies
1 view

I need to know if I need to pay taxes on it

TurboTax Deluxe Online

Level 15

No. That is not taxed.

Level 15

No. You do not need to report the proceeds you received as the beneficiary of a life insurance policy. It is not taxable and does not have to be reported on your tax return.

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Level 15

But they might have paid some interest after death on it. That will be taxable on a 1099-INT. My husband died last year and I got a 1099-INT with some interest from the insurance company.