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I am father's legal guardian. Once he passed, I submitted the claim for a $10,000 life insurance payment. The payment will be split among the 4 of us siblings. what now?
The payment will be $2500 each sibling. How do I claim on this. The $10,000 will come in my name but be dispersed out.
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June 3, 2019
10:24 AM
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Get your taxes done using TurboTax
The life insurance is not taxable income and does not need to be reported on your return, so the fact that you are splitting it will not matter.
June 3, 2019
10:24 AM