Do I report life insurance money I received from a deceased parent?
I need to know if I need to pay taxes on it
033458
3 Replies
Bsch4477
Level 15
Mar 25, 2024 8:09:13 PM
No. That is not taxed.
DavidD66
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.
VolvoGirl
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.