Term Life Insurance-Term Life Insurance Rates

Maybaby asked:


My dad died last Feb. and my mom received life insurance money. Will she have to pay taxes on this and if so, what info does she take with her when she gets her taxes done?

Brianna Maggini

Kert asked:


My grandfather took out a life insurance policy when I was born, and I recently cashed in on it. Will I have to claim in on my income taxes this year?
My grandfather took out a life insurance policy when I was born, and I recently cashed in on it. Will I have to claim in on my income taxes this year?

Edit: For clairity, the life insurance policy is on ME, and I was the owner. No one died. My grandfather paid on it every year, and it built a cash value. I am now 25 years old, and I cashed out on it for the cash value it aquired.

Mervin Kribs

Melinda asked:


Does taxes ever have to be paid on life insurance proceeds?

Buffy Yarrell

TinaL asked:


My 17 year old daughter’s dairy cow died and we had a life insurance policy on her. Do we claim this as income on our taxes?

Laurel

Stephen F asked:


I am getting a life insurance policy pay out. Does anyone know how much taxes will be taken out?

Emily Esteybar

Antacid asked:


I do a schedule A and C each year. Anywhere on those forms or the 1040 that I can write off life insurance payments as part of personal or business expenses.

Tiffiny Haaf

youknowregular106 asked:


On the form I fill out to surrender and cash out my life insurance policy, should I I check the box to withhold taxes or not withhold taxes? What’s would be the better choice? I live in California.

Fredric Gerard

CSUflyer asked:


I received a Form 702 from a small life insurance settlement & am not sure if I will owe any taxes on this. My first & only clue so far is that when running through TurboTax there doesn’t appear to be any section to reference or include this inheritence. Please help & let me know how you found it out or where I can find more info. Thank you!!

Tyree Dircks

Hmoob Koo Boi asked:


My dad passed away recently and we got a check for $10,000 from his life insurance. The check was for my wife and I, but we are not legally married. How do we report that?

Carmen Bregel

bradys_mommy asked:


We are switching from Universal Life to Term and are going to surrender the policy, but the value is pretty high. Are we going to have to pay taxes on this?

Wendell Snyders