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RayAnswers, Lawyer
Category: Family Law
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Experience:  30 years as a family law lawyer .
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Does son pay taxes on insurance when he turns 18 from when

Customer Question

does son pay taxes on insurance when he turns 18 from when dad died in car accident 6 yrs ago
Submitted: 5 months ago.
Category: Family Law
Expert:  RayAnswers replied 5 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  RayAnswers replied 5 months ago.

No these proceeds are not taxable under federal or state of Indiana law.And the federal limits for estates here is $5,450,00 so he is under the limits.These will be his funds to use as he sees fits.No federal or state income taxes due at all.

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