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When using form 1040, how and where does one report income…

When using form 1040...

When using form 1040, how and where does one report income from life insurance death benefits?

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I am using Turbo tax software to do my taxes. My income is from wages and some interest, but in 2016 I was also beneficiary to 2 life Insurance policies. I do not know where to report this income.

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I simply want to know how one reports death benefits.

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On November 7, 2015 an older sister died, naming me the beneficiary of 2 life insurance policies. I received forms from the companies which I filed in early 2016. Subsequently, I received 2 checks amounting to 7,675.28. In past years I have done my taxes manually, but decided to use software this year. However, I do not see an appropriate line for entering this income which I am sure must be reported

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Answered in 3 minutes by:
4/8/2017
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
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The reason you don't see anywhere to enter life insurance proceeds is that life insurance death benefits are not taxable. Sometimes there is a small amount of interest income on the death benefits between the date of death and the date the benefits were paid.

So, there's not any reporting of death benefits from life insurance proceeds.

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Thanks very much,

Steve G.

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