0
new york life says no. but I find different answers on line. wish I could get a correct answer.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Do I pay taxes on a life insurance payout?
If the owner of the policy is not a business, you would not have to pay taxes on a life insurance benefit payout. You should consult with a tax professional in your state for more details.
Taxes on insurance payout?
Depends on the type of insurance and what the payout is for. Life insurance is generally not taxable. Other types may well be. If for a casualty loss it would not be only if it is equal or tless than your actual loss AND you did not claim the casulaty loss as a deduction.
Who is responsible for taxes if any on life insurance payout to one beneficiary who will make payments to several relatives as specified in the decendant's unsigned will?
The life insurance payout is not taxable. There may be estate taxes though. The value of the life insurance policy might be in the estate. This can be confusing as some taxes apply and some don't. The interest earned may be income taxable, etc. If there are expenses they should be deducted and then the net amount split up.
How much tax is paid by a beneficiary of a life insurance?
A life insurance payout is not taxed.
Will accidental life insurance payout if alcohol related?
No.
What are average life insurance payout amounts?
"The average amount of life insurance coverage on insured husbands is $235,600 "
What is a Life insurance average payout?
100% of the amount of the policy...each of which are purchased for a specific amount, or amount of payout.
Does suicide void a life insurance payout?
i don't believe it would
Will accidental life insurance payout if aneurysm?
No, it will not pay. An aneurysm is not an accident.
How much is the basic payout for life insurance?
There is no basic payout. The death benefit is whatever the insured chose to insure himself for.
Is a claim payout from a life insurance coverage taxed as a regular income?
If you are the beneficiary of a life insurance payout, the income is not taxable. If you withdraw from a policy that you have on yourself, then yes, it is taxable as regular income. http://taxresolutionaries.blogspot.com
Do i get a life insurance payout if i lose the job?
No. You will get a payment from the insurance policy if either * You are killed due to an accident or health issues or * You meet with an accident and are permanently disabled As long as you are healthy and alive, you will not get your insurance payout.
