- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
"As beneficiary of my Mother's life insurance, i was told i need to complete a w9. Is that typical and if so how do i complete Line 3?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
"As beneficiary of my Mother's life insurance, i was told i need to complete a w9. Is that typical and if so how do i complete Line 3?
Yes, it is required that they get your tax id information. In the case of an individual, this is usually your Social Security Number. Based on your question, you should check the first box that starts with "Individual".
Usually, life insurance proceeds are not taxable to the beneficiary, but any interest they pay for the period between the date of death and the payment of the policy is taxable.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
"As beneficiary of my Mother's life insurance, i was told i need to complete a w9. Is that typical and if so how do i complete Line 3?
Yes, it is required that they get your tax id information. In the case of an individual, this is usually your Social Security Number. Based on your question, you should check the first box that starts with "Individual".
Usually, life insurance proceeds are not taxable to the beneficiary, but any interest they pay for the period between the date of death and the payment of the policy is taxable.
Still have questions?
Make a post