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Do you have to pay tax on your deceased sons super and death policy?
Wiki User
∙ 10y ago
Insurance benefits are considered part of the decedent's estate. There are (theoretically) estate taxes due on them, but unless your son had a lot of other assets or an unusually large policy it's unlikely that there will be any estate tax due; the first five million dollars of the estate's assets (roughly) are exempt from federal estate taxes (it may not be exempt from state taxes, though; check with a tax professional if you're not sure).
Benefits received from someone's estate are not subject to income tax.
Wiki User
∙ 10y ago
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