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alarimer (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 05:03 PM Original message |
Are life insurance payouts taxable? |
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MissMillie (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 05:05 PM Response to Original message |
1. I don't think so |
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alarimer (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 05:06 PM Response to Reply #1 |
2. Well I was hoping that it was because I didn't want to think the worst |
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alarimer (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 05:16 PM Response to Original message |
3. Apparently though a policy can be counted as part of the estate for tax purposes |
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yellowdogintexas (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 05:28 PM Response to Reply #3 |
5. the payout is not. If it takes a long time to disperse and it earns |
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Common Sense Party (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 08:08 PM Response to Reply #3 |
13. Did your grandmother have a large estate? Over $2 million? |
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alarimer (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 08:23 PM Response to Reply #13 |
14. I doubt it |
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Crabby Appleton (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 05:20 PM Response to Original message |
4. No, says IRS |
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alarimer (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 07:16 PM Response to Reply #4 |
6. Shit. It's beginning to look like I got screwed then |
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BellaB (64 posts) Send PM | Profile | Ignore | Wed Oct-17-07 07:24 PM Response to Reply #6 |
7. There might have been |
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alarimer (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 07:55 PM Response to Reply #7 |
8. I think probably that's it |
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Common Sense Party (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 07:58 PM Response to Reply #7 |
9. Nope. Life insurance bypasses probate. |
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BellaB (64 posts) Send PM | Profile | Ignore | Wed Oct-17-07 08:01 PM Response to Reply #9 |
10. Thats how it supposed to work |
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Common Sense Party (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 08:03 PM Response to Reply #10 |
12. The life insurance company has to pay directly to the named |
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Common Sense Party (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 08:02 PM Response to Original message |
11. No, true life insurance death benefits are income-tax free. |
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alarimer (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 08:25 PM Response to Reply #11 |
15. Yes I know the amount. It was in the letter I got |
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Swede (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 10:02 PM Response to Reply #15 |
19. Contact your insurance ombusdsman for your area. |
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dogman (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 08:28 PM Response to Original message |
16. Sometimes there are two payouts. |
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alarimer (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 09:57 PM Response to Original message |
17. Update: there was a mistake made. |
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ScreamingMeemie (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 10:51 PM Response to Reply #17 |
23. ...and it doesn't bring them back. |
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Marrah_G (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 10:59 PM Response to Reply #23 |
24. I'm sorry you lost your husband. n/t |
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Swede (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 10:01 PM Response to Original message |
18. You should get the death benefit,unless it was one of those cash value boondoggle things. |
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Marrah_G (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 10:48 PM Response to Reply #18 |
21. You can also buy a new kind of term that returns your money if you survive the full term |
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Marrah_G (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 10:45 PM Response to Original message |
20. No they are not |
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Coyote_Bandit (1000+ posts) Send PM | Profile | Ignore | Wed Oct-17-07 10:50 PM Response to Original message |
22. No they are not |
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alarimer (1000+ posts) Send PM | Profile | Ignore | Thu Oct-18-07 12:05 AM Response to Reply #22 |
25. Well I never really knew anything about this before |
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Coyote_Bandit (1000+ posts) Send PM | Profile | Ignore | Thu Oct-18-07 08:11 AM Response to Reply #25 |
27. I understand all too well |
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In_The_Wind (1000+ posts) Send PM | Profile | Ignore | Thu Oct-18-07 12:24 AM Response to Original message |
26. Nope, it's all yours. |
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