topic LUMP SUM DEATH BENEFIT PAYMENT in Retirement tax questions

LUMP SUM DEATH BENEFIT PAYMENT

TIAMV — Sat, 25 Jan 2025 18:27:18 GMT

I received a lump sum death benefit in Jan 2025 for mother's passing in 2024 but did not receive a 1099R. Do I still include it as income?

Re: LUMP SUM DEATH BENEFIT PAYMENT

MaryK4 — Sat, 25 Jan 2025 19:53:16 GMT

If the lump sum death benefit was for a life insurance policy, you would not pay income tax on it so you would not have to include it as income on your tax return. If it is an annuity benefit, you would receive a 1099-R- these are not due to the IRS until January 31st, so the company may not have them filed yet.

I am sorry for your loss.

Re: LUMP SUM DEATH BENEFIT PAYMENT

TIAMV — Sat, 25 Jan 2025 20:18:42 GMT

Thank you.