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Is there a tax on life insurance payout?

Harper Bell | 2023-05-07 12:07:59 | page views：1998
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Oliver Wilson

Works at the International Renewable Energy Agency, Lives in Abu Dhabi, UAE.
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.
2023-05-09 12:07:59
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Harper Cooper

QuesHub.com delivers expert answers and knowledge to you.
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.
Life Insurance & Disability Insurance Proceeds | Internal Revenue ...
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