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IS a check from an insurance company from a insurance policy

considered as taxable income on...
IS a check from an insurance company from a insurance policy considered as taxable income on an individual tax return?
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Answered in 1 minute by:
9/9/2013
Richard
Richard, Tax Attorney
Category: Tax
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Can you elaborate a bit? What kind of insurance are you talking about? Is this a life insurance payout? Health insurance? Some other kind of insurance payment? Thanks.
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Customer reply replied 4 years ago

Life Insurance Payout

Thanks for responding so quickly. Life insurance payouts are not considered income and thus are not included in the recipient's income tax return. Thus no income tax reporting or tax consequences to the recipient. If the policy was owned by the decedent, rather than by, for example, a life insurance trust, then the amount would be included in the decedent's estate and could be subject to an estate tax if the total estate is taxable. But, there are no income tax consequences or reporting requirements.


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Richard
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Thank you so much for the positive rating! I truly appreciate you taking the time to do that! Have a great day!
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