Life insurance
payouts to the beneficiary recipient of a life insurance policy are not taxable
or reportable on any tax return. However, any earnings that "may"
have accumulated on that payout after the passing of the insured deceased could
be taxable income to the beneficiary recipient. If there are any taxes due,
then the insurance company or distributor of the payout will send the
beneficiary recipient the appropriate tax reporting document to report the
taxable portion only, of the payout. So if you've not got any tax reporting
documents by now, you have nothing to report concerning this on any tax
return.
