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New Member
posted Mar 25, 2024 7:52:42 PM

Do I report life insurance money I received from a deceased parent?

I need to know if I need to pay taxes on it

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3 Replies
Level 15
Mar 25, 2024 8:09:13 PM

No. That is not taxed. 

Expert Alumni
Mar 25, 2024 8:10:49 PM

No.  You do not need to report the proceeds you received as the beneficiary of a life insurance policy.  It is not taxable and does not have to be reported on your tax return. 

Level 15
Mar 25, 2024 9:05:18 PM

But they might have paid some interest after death on it.  That will be taxable on a 1099-INT.  My husband died last year and I got a 1099-INT with some interest from the insurance company.