Solved
My mother no longer lives with us and will not be claimed as a dependent. Does receiving money from life insurance policy count as earned/gross income?
No text available
Are you the beneficiary ?
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.
Get answers to all your tax questions
Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.
Explore your optionsEnter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2026 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, Credit Karma, and Mailchimp are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Security Certification of the TurboTax Online application has been performed by C-Level Security.
By accessing and using this page you agree to the Terms of Use.
© 2026 Intuit Canada ULC or its affiliated companies. All rights reserved. Intuit, QuickBooks, QB, TurboTax and ProFile are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Copyright © Intuit Canada ULC, 2026. All rights reserved.
© 2026, Entreprises Intuit Canada ULC ou ses sociétés affiliées. Tous droits réservés. Intuit, QuickBooks, QB, TurboImpôt et ProFile sont des marques déposées d’Intuit Inc. Les modalités, prix, fonctions et options de service et de soutien peuvent changer sans préavis.
© 2026, Entreprises Intuit Canada ULC. Tous droits réservés.