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Level 1
Apr 24, 2024 5:57 PM UTC
Question

Life insurance

Me and all extended family live in Texas. My mother-in-law is diagnosed with terminal cancer. She has a Single Payment Interest Sensitive Whole Life policy. Does the benefit count as ordinary income to the beneficiary?

1 reply

PatriciaV
Alumni - Intuit
Apr 24, 2024 6:53 PM UTC

No. Life insurance benefits are not taxable income to the beneficiaries.

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