Do I need to file a tax return for a life insurance payout
Hi Terry, my mom passed away this last September and I was the beneficiary of a small life insurance policy. The payment I received was approximately $25k. I had no other income as I haven’t worked in the last 2 years. Do I need to file a tax return for the death benefit payment? From what I have read online it indicates no but I just wanted to make sure
Thanks Michele Cederquist
Terry Says
No. Life insurance proceeds are not taxable to the recipient.