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I was the beneficiary on several of my sister's life

Customer Question
I was the beneficiary...

I was the beneficiary on several of my sister's life insurance policies, I have now gotten several 1099 forms....do I have to pay taxes on the full amounts listed?

Lawyer's Assistant: Estate laws vary by state. What state are you in?

Wisconsin

Lawyer's Assistant: What documents or supporting evidence do you have?

Mainly 1099...

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Some have a blank on the 1099 forms that state taxable amount, but they all have differencing counts listed. sone $5,xxx 3,xxx or $0.00

Submitted: 4 months ago.Category: Estate Law
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Answered in 5 minutes by:
3/22/2018
Estate Lawyer: Infolawyer, Attorney replied 4 months ago
Infolawyer
Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 62,981
Experience: Licensed attorney helping individuals and businesses.
Verified

Hello and welcome. I am working on your answer and will be right back!

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Estate Lawyer: Infolawyer, Attorney replied 4 months ago

The policy payout is not taxable. However, if there is interest income, that would be taxable.

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Estate Lawyer: Infolawyer, Attorney replied 3 months ago
Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Estate Lawyer: Infolawyer, Attorney replied 3 months ago
Awaiting your reply, thank you!
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