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lindachelluk
New Member

I am beneficiary on my mothers life insurance policy and the company sent me the paper work and also sent a W9. What is this for and should I fill this out?

 
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MichaelL1
Level 15

I am beneficiary on my mothers life insurance policy and the company sent me the paper work and also sent a W9. What is this for and should I fill this out?

Many times in addition to the life insurance proceeds (which is non-taxable to you) there is some interest income.

The interest income (if any) is taxable income to you, and the information on the W9 is used in case they need to issue you a 1099INT in the year the interest income is paid to you.

Businesses use IRS Form W-9, Request for Taxpayer Identification Number and Certification. 

Yes, I would fill it out, as it would speed up the payment of the life insurance to you.


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1 Reply
MichaelL1
Level 15

I am beneficiary on my mothers life insurance policy and the company sent me the paper work and also sent a W9. What is this for and should I fill this out?

Many times in addition to the life insurance proceeds (which is non-taxable to you) there is some interest income.

The interest income (if any) is taxable income to you, and the information on the W9 is used in case they need to issue you a 1099INT in the year the interest income is paid to you.

Businesses use IRS Form W-9, Request for Taxpayer Identification Number and Certification. 

Yes, I would fill it out, as it would speed up the payment of the life insurance to you.


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