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New Member
posted Jun 1, 2019 1:14:27 PM

Do I report lump sum payments that I inherited after my mother passed?

0 1 1097
1 Replies
Level 1
Jun 1, 2019 1:14:29 PM

No, inheritance is not taxable income.

If you receive an annuity or life insurance proceeds, you would have received a 1099-R form that would be reported on your tax return.

For more information, follow this link: What is Taxable Income

I am sorry for your loss.