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Lost a child due to an accident life insurance paid out 25000 and IRS taxed your 10 why?
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.
What else can I help you with?
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.
Will a deposited check of 25000 be taxed by the IRS?
A deposited check of $25,000 is not automatically taxed by the IRS simply because it is deposited. However, the tax implications depend on the source of the funds. If the check is for income, such as wages or services rendered, it would be subject to income tax. It's important to keep records and report any taxable income appropriately on your tax return.
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
How much tax is paid by a beneficiary of a life insurance?
A life insurance payout is not taxed.
Can you get child tax with no income but child support?
No, children are 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
Is life insurance an asset?
Only whole life insurance,not term life.
Is health insurance taxed?
no Generally, insurance payouts are non-taxable. More information is needed to answer specifically.
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.
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.
