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Life Insurance Taxes!

Discussion in 'Life Insurance, Annuities & Other' started by mykalahawk, May 12, 2017.

  1. mykalahawk

    mykalahawk Law Topic Starter Guest

    Jurisdiction:
    Other
    My deceased family member who had life insurance put me on as a beneficiary and I was compensated. I recently received a notice in the mail from her life insurance company stating a taxable amount of 13,074.86. I am confused because this should be tax free money since taxes were being paid on the policy already. I would really appreciate your feedback .
    Thank you!
     
  2. army judge

    army judge Super Moderator

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    I'm sure you've already asked the insurance company for an explanation, right?

    What were you told?

    This might clarify things for you, mate:
    ....
    ....
    When You Pay Taxes on a Life Insurance Payout and How to Avoid Them
     
  3. adjusterjack

    adjusterjack Super Moderator

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    What kind of policy?

    There are several kinds of life insurance. Some can generate taxable income.
     

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