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posted Mar 3, 2021 11:42:23 AM

I recieved a form 712 showing benefits paid to me on a life insurance policy after my husbands death in May 2020. Where do I enter this information?

Do I need to declare life insurance benefits shown on form 712?

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1 Replies
Level 1
Mar 3, 2021 12:11:29 PM

I'm sorry for your loss.

TurboTax doesn’t support Form 712, Life Insurance Statement.

However, it is not taxable for you and you don't need to include it to tax return.  

It goes to the executor of the estate to use in filing estate tax returns, if any are required.