You'll need to sign in or create an account to connect with an expert.
The taxable amount, if any, is the amount you receive that is more than the premiums you paid over the years. If you don't know your premiums, the life insurance company will know, call and ask them.
Depending on your other income, you will likely owe 12% or 22% of the taxable amount as income tax. You could have it withheld or you could make an estimated payment at www.irs.gov/payments.
Remember any state taxes as well.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Keppy
Level 1
KausBose
New Member
knownoise
Returning Member
jobeth106
New Member
amarvin1
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.