Wife passed away April 15 2022

[GR111]

My wife had an account with $15,000, she purchased a vehicle and owed $10,000 more than it sold for at auction. I paid off the remaining debt with that account.  On the tax form where do I enter the other 5000 dollars?

I understand life insurance received is not considered income. Is it entered on the tax form? 

[xmasbaby0]

So sorry for your loss.   Was your wife's car used for business?   Why are you wanting to enter anything about the car on your tax return?   And, no, you do not enter the proceeds of a life insurance on a tax return, unless they paid you some interest, in which case you would need to enter the interest.

And... in case you need this information:

 For the year that your spouse died, you can still file a joint return.  That way, you will get the married filing jointly standard deduction of $25,900 (+ $1400 for each spouse 65 or older) which will lower the amount of income you are taxed on.

In My Info, you will need to indicate that your spouse died. When her name is in My Info,  there is a screen early in the interview that asks "Do any of these apply to [name] ?’” where you will do that, and then a drop down will appear where you can enter the date she passed.

If you have qualifying dependent children you will be able to file as a qualifying surviving spouse  (QSS) for the next two years after this tax return.  Post back if you need further help.

[rjs]

What did you do with the $5,000 remaining in your wife's account after you paid off the car loan? Did you inherit the account? Is it now yours? If so, you don't enter it anywhere. An inheritance is not taxable income and you do not enter it on your tax return.

What kind of account was it? A bank account? An investment account? Something else?