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Is a life insurance payout taxable 2024?

Zachary Evans | 2023-05-07 11:59:39 | page views:1939
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Benjamin Hayes

Works at Google, Lives in Mountain View. Holds a degree in Computer Science from Stanford University.
Answer: Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.
2023-05-12 11:59:39

Noah Thompson

QuesHub.com delivers expert answers and knowledge to you.
Answer: Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.
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