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October 25, 2023
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Do I have to pay taxes for my mom's life insurance policy that I received?

  • October 25, 2023
  • 2 replies
  • 5 views

My mom had a life insurance policy that listed me as the dependent, do I have to pay taxes on it?

Best answer by evelynm

Hello: 

The life insurance proceeds you received are generally not taxable.   There are some exceptions which likely do not apply to you - see the link below for further details:

 

https://turbotax.intuit.com/tax-tips/general/is-your-life-insurance-taxable/L0GiBZdB6#GoTo-Non-taxable-life-insurance-benefits

2 replies

evelynm
Employee Tax Expert
evelynmEmployee Tax ExpertAnswer
Employee Tax Expert
October 25, 2023

Hello: 

The life insurance proceeds you received are generally not taxable.   There are some exceptions which likely do not apply to you - see the link below for further details:

 

https://turbotax.intuit.com/tax-tips/general/is-your-life-insurance-taxable/L0GiBZdB6#GoTo-Non-taxable-life-insurance-benefits

Have an amazing day. Evelyn M (CPA 20+ years). I would love a thumbs up :) + Mark the post that answers your question by clicking on "Mark as Best Answer".
Alumni - Champ
October 25, 2023

You do not pay taxes on the death benefit.