0
If i receive life insurance for deceased husband is it taxable?
Wiki User
∙ 15y ago
No but what you do with the money may be taxable.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Your husband died you got his company life insurance amount you live in CA is this taxable?
It is not fedarally taxable.
Do you have to pay taxes when receive money from homeowner insurance?
Yes it is possible that you could have some taxable income when you receive a reimbursement from your homeowner insurance policy.
Is disability insurance taxable income?
Determining if the benefits are taxable depend supon whether the premiums were paid before or after taxes. If before taxes, the disability income you receive is taxable. If youpremiums were paid after taxation, the disability income benefits you receive are not taxable.
Can you file a deceased person on your taxes?
No. A deceased person is not a taxable person. and as such it cannot be filed as taxable person or entity.
Are life insurance procees taxable if the employer paid the premiums?
No. Life insurance benefits are not eligable for taxation unless the insured passed away without assigning a beneficiary. In this situation the benefits are paid into the deceased's estate and are subject to any back taxes or child support owed by the deceased, or the would be inheritor. Cash value is not the same as an insurance benefit and may be taxable in some situations. Group (employment) insurance has no cash value.
If you receive 10000.00 insurance benefits is it taxable?
Actually is inurance policies are all tax free , and this is why people invest in it.
If you receive a deceased person's pension do you have to claim it as income?
Sure you do have to report the pension amount on your 1040 federal income tax return and the taxable amount of the distribution will be taxed to you in the same way that it was taxed to the deceased taxpayer.
Do you have to pay taxes on your private disability insurance?
IF you paid the premiums with before income tax funds for this private disability insurance the amounts that you receive is NOT taxable income to you.
Are long term disability payments paid by companies insurance policy taxable by state and state governments?
If the Long-Term Disability benefits you receive are from a company sponsored program, the taxation is dependent on whether your employer pays the premiums. Assuming that your employer pays for and provides the insurance to you, then the benefits you receive are taxable as ordinary income.
Is vehicle insurance taxable?
No.
You have life insurance from a deceased parent and didn't claim on taxes because told didn't have to then was audited and had to pay. do you have to pay tax on life insurance was the audit correct?
In almost all cases (the exceptions being things involving life insurance as part of executive savings and compensation plans, and other specialized things)...LIFE INSURANCE proceeds are not taxable to the beneficiary. The IRS agent is wrong. Dispute it. It's a basic thing, and he'll be corrected quickly.Now understand, (a common error made by many), if the beneficiary was the estate of the deceased - the person themselves - (which generally doesn't have much tax considerations anyway, and you got it through the estate....then YOU weren't the beneficiary of the insurance. By the same token, you weren't paid insurance proceeds, but an inheritance..and that probably isn't entirely taxable at least.Below from the IRS own guidelines:4.9 Interest/Dividends/Other Types of Income: Life Insurance & Disability Insurance Proceeds Are proceeds paid under a life insurance contract taxable and do they have to be reported as income? Generally, if you receive the proceeds under a life insurance contract because of the death of the insured person the benefits are not taxable income and do not have to be reported. Any interest you receive would be taxable and would need to be reported just like any other interest received. However, if the policy was transferred to you for valuable consideration, the exclusion for the proceeds is limited to the sum of the consideration you paid, additional premiums you paid, and certain other amounts. There are some exceptions to this rule.
Are US life insurance policies taxable?
As a general rule, life insurance policies in the US are not taxable. However it is taxable if it is combined with a non-refund life annuity.
