Yes.
Life insurance proceeds are received income tax free; how the money is taxed afterwards depends upon how and where it is invested.
The only case where the insured can collect on their life insurance is with a whole life policy. In that instance any interest or dividends are taxable.
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
Income tax NO. Estate Tax - probably.
The proceeds of a loan are not income, so no tax.
Money used to start a business is tax deductible. Make sure you keep records of all your business transactions. Even if you get a small business loans or a business credit card, the interest on those loans are tax deductible. These moneys are more of business capital or operating costs and not income Money received to start a business can be viewed in one of 2 ways and thus therein lies your tax liability! 1st - If money received is income than there will be a tax levied against that revenue by the IRS. 2nd - If money received is 'capitalized' by the business then there will be no tax assessed by the IRS.
any free money over $5000 is taxed
The government will take any money they can from you so I would say that they will tax it. You can thank Obama for that.
IF the amount of the money that you received from the school is taxable income YES you should file a 1040 federal income tax return.
Yes, this is included in the IRC's very broad definition of "income".
No. Death benefits from life insurance are not taxable. The only way that it could be taxes is if you illegally deducted your premiums on your tax returns. As long as the premiums are paid with after- tax money, there is no income tax on death benefits.
Tax form 1090 is usually issued from social security or another government agency that you have received money from. It's their version of a W-2.