Are Life Insurance Payouts Taxed
Do you pay taxes on the payment of life insurance?
my father died and my mother will see your tax person. Will taxes on the money my parents had collected life insurance?
In the U.S., revenue from life insurance (death benefit that will collect the mother) is income tax free. The only exception is the life insurance paid by the employer (his father's place of work) for your benefit. In that case, the first $ 50,000 death benefits are income tax free, others are taxed. If your father had politics in the $ 250,000 job, $ 50,000 tax free and $ 200,000 would be taxed. Gray Rainbow bad after all this is resolved, you and your mother must comply with each insurance agent with a financial planner. It seems you have not received any in-depth financial advice in a long time. Sorry for your loss. Good Luck.
