My parents took out a life insurance policy on me as a baby. It matured this year and the company sent me a check. Is this taxable?

bakroenig · ‎March 7, 2020

macuser_22 · ‎March 7, 2020

Depends. Did you receive a 1099-R with an amount inbox 2a or box 2b "not determined" checked?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

bakroenig · ‎March 10, 2020

I did receive a 1099-R with an amount in 2a but some people tell me I may have received it by mistake. I called the company yesterday and was told they would return my call in 48 hours.

NCperson · ‎March 10, 2020

the increased value of the policy (think interest over all those years) would be taxable income.

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My parents took out a life insurance policy on me as a baby. It matured this year and the company sent me a check. Is this taxable?