Question

 Do you have to pay taxes on life insurance?

Answer Life insurance policy benefits can be considered taxable compensation by the IRS. This depends on the policy type, benefit amount, ownership and beneficiary information at the time of the policy ow... Read More »
http://www.answerbag.com/q_view/1884477

Top Q&A For: Do you have to pay taxes on life insurance

Do you have to pay taxes on life insurance payments?

Life insurance death benefit distributions are usually always received tax-free, provided the payments do not exceed the total death benefit. Usually, the only instances where taxes are due on life... Read More »
http://www.answerbag.com/q_view/2122138

Do you have to pay taxes on a partial life insurance paid out due to total disability?

If I'm not mistaken, life insurance is paid out on death.It may have a clause that pays the premiums on it in event of disability, but that, like a policy that pays you on disability, is basically ... Read More »
http://wiki.answers.com/Q/Do_you_have_to_pay_taxes_on_a_partial_life_insurance_paid_out...

Do you have to pay taxes on money inherited from a life insurance policy in Illinois?

You don't inherit money from a life insurance policy (per se). You're the beneficiary of a life insurance policy and as such there is no tax to the beneficiary of a life insurance policy. If the ... Read More »
http://answers.yahoo.com//question/index?qid=20110906113951AAMu8hg

Do you pay taxes on life insurance payouts?

No federal income tax is due on life insurance proceeds. If the deceased owns the policy it may count as part of the entire estate, which means that all money over $3.5 million will be taxed, as of... Read More »
http://www.answerbag.com/q_view/2063590


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