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Lost a child due to an accident life insurance paid out 25000 and IRS taxed your 10 why?
Wiki User
∙ 15y ago
I am sorry for your loss. It would seem the IRS made a mistake as this shouldn't be taxable.....however, if they (actually the Insurance Co) "withheld" that from payment, likely because of a missing form or such....then it is actually at the IRS in an account...that when reflected on your return...(both the income as exempt and the credit for the payment withheld), should see your money refunded. But contact the IRS - by phone - and get an exact excplanation. Do not accept that it is taxable.
Wiki User
∙ 15y ago
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How much tax is paid by a beneficiary of a life insurance?
A life insurance payout is not taxed.
What is the earning threshold for a child to pay taxes?
The child's income is essentially considered the income of the parent...so it is taxed at their rate, and presumably they have enough income to be taxed.
Do you get taxed at the age of 14?
No, not in the UK, you get taxed when you are 16
What are some things that you can't be taxed on?
all i no is that groceries cant be taxed
Are lost wages taxed in settlement in NJ?
If identified as wages, taxed both Federal & State. The wages would have been taxed if paid without settlement wouldn't they? (The "lost" part isn't taxed).
Can you get child tax with no income but child support?
No, children are not taxed.
How much tax is paid by a beneficiary of a life insurance?
A life insurance payout is not taxed.
Is an insurance dividend taxed currently or ever when applied to a paid up life insurance policy?
no it is not
When are dividends taxed on life insurance?
If you are receiving dividends from a life insurance policy, do you have to pay taxes and what %
Is child support taxed?
not in the state of ga
What is the earning threshold for a child to pay taxes?
The child's income is essentially considered the income of the parent...so it is taxed at their rate, and presumably they have enough income to be taxed.
Is health insurance taxed?
no Generally, insurance payouts are non-taxable. More information is needed to answer specifically.
Is life insurance an asset?
Only whole life insurance,not term life.
Why are you hearing that some people are being taxed on a life insurance policy?
Scott
Is insurance money taxed?
As far as homeowners, and auto claims payments are concerned no.
Is money borrowed from life insurance considered income?
No it's not and for that reason it is not taxed either.
Are life insurance benefits taxable in Massachusetts?
That is the beauty of life insurance! With a properly named beneficiary life proceeds are not taxed and they avoid probate.
