Life insurance

Me and all extended family live in Texas. My mother-in-law is diagnosed with terminal cancer. She has a Single Payment Interest Sensitive Whole Life policy. Does the benefit count as ordinary income to the beneficiary?

posted

No. Life insurance benefits are not taxable income to the beneficiaries.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

someone stole my sisters refund after it was deposited into her phone they stoler her phone and drained her account but she paid for the full turbo tax package. would that be covered under the insurance agreement and how do we file a claim

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Life insurance

Life insurance

Get more help

Do you have a TurboTax Online account?

Life insurance

Do you have an Intuit account?

Life insurance

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert