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rebekahaguirre
New Member

I am father's legal guardian. Once he passed, I submitted the claim for a $10,000 life insurance payment. The payment will be split among the 4 of us siblings. what now?

The payment will be $2500 each sibling. How do I claim on this. The $10,000 will come in my name but be dispersed out.
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MichaelL1
Level 15

I am father's legal guardian. Once he passed, I submitted the claim for a $10,000 life insurance payment. The payment will be split among the 4 of us siblings. what now?

The life insurance is not taxable income and does not need to be reported on your return, so the fact that you are splitting it will not matter.

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MichaelL1
Level 15

I am father's legal guardian. Once he passed, I submitted the claim for a $10,000 life insurance payment. The payment will be split among the 4 of us siblings. what now?

The life insurance is not taxable income and does not need to be reported on your return, so the fact that you are splitting it will not matter.

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