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sctoelle
New Member

Where do we report Life Insurance income of $5000.00 from Mother who passed last year?

 
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Carl
Level 15

Where do we report Life Insurance income of $5000.00 from Mother who passed last year?

Nowhere. Payouts of a life insurance policy to the beneficiary recipient is not taxable or reportable on any return. However, if any earnings accumulated on that policy after the passing of the deceased, the earnings are taxable to the beneficiary recipient. If that's your case, then the LI company will send you a 1099-R or other tax reporting document for you to include on your tax return.

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