I received a prudential death benefit from an Individual Life Insurance Policy. There is a "$13 in interest from date of death" for which no 1099 is being issued according to Prudential they have a $600 threshold.
Is the death benefit amount for the life insurance policy considered income?
Do i need to claim the $13 as 1099 income from Prudential?
Thank you
Liz
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Death benefits are generally non taxable for beneficiaries and do not have to reported.
The interest income is taxable and has to be reported even if you do not receive form 1099-INT.
Death benefits are generally non taxable for beneficiaries and do not have to reported.
The interest income is taxable and has to be reported even if you do not receive form 1099-INT.
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