Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
ty462
New Member

I received 6,000 from a burial posicy. Is this taxable income?

 
1 Best answer

Accepted Solutions
CathiM
New Member

I received 6,000 from a burial posicy. Is this taxable income?

It depends, most burial policies or funeral insurance policies are actually simplified whole life insurance policies. Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includeable in gross income and you don't have to report them.

Check with the insurance company to find out more about the policy.  They should be able to tell you if it qualifies as a life insurance for IRS purposes.

View solution in original post

1 Reply
CathiM
New Member

I received 6,000 from a burial posicy. Is this taxable income?

It depends, most burial policies or funeral insurance policies are actually simplified whole life insurance policies. Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includeable in gross income and you don't have to report them.

Check with the insurance company to find out more about the policy.  They should be able to tell you if it qualifies as a life insurance for IRS purposes.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v