my husbands life ins. policy after he died

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Icon Mini Profile kathyg55





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Post Posted: Sun Nov 02, 2008 1:20 pm    Post subject: my husbands life ins. policy after he died
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My husband died,,, he had a life ins. policy, does this money get claimed as income on my income taxes?
I didn't get a 1099 but that doesn't mean anything. thank you
Icon Mini Profile shane
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Post Posted: Sun Nov 02, 2008 5:17 pm    Post subject:
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For federal income tax purposes, life insurance death benefits generally pay income tax-free to beneficiaries pursuant. In certain situations, however, life insurance death benefits may be partially or wholly taxable. It's best to contact your life insurance policy agent to get answers on your specific policy. There is also an insurance forum at http://www.ampminsure.org/community/
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Icon Mini Profile smithsussane
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Post Posted: Sun Nov 02, 2008 9:00 pm    Post subject:
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Hi kathyg!

Welcome to forums!

As far as I know, life insurance proceeds are income tax free when it is inherited by the beneficiary or beneficiaries. They are generally subject to estate taxes. Its better to consult the insurance policy agent to check if you will have to pay any income tax.

Feel free to ask if you have further queries.

Sussane
nancy denton

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Post Posted: Mon Dec 01, 2008 10:52 am    Post subject: life ins on my deceased husband
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yes over 50 years ago i borrowed on my husbands life ins and i lost the name of it. his parents bought it when he was a small child as when i borrowed on it it was a paid up policy. my husband is deceased and the policy was bought in okla. his name was melton h denton and they lived in chickasha ok when it was purchased. i am trying to find this ploicy so i can cash it in. if you can help me in any way i would appreciate it.

my e-mail address is "n_denton_99@yahoo.com"
my phone numbers are 817-558-7755 or 817-526-0348 if you can help me i would appreciate it.
thanks.

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Icon Mini Profile Niicss
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Post Posted: Tue Dec 02, 2008 1:24 am    Post subject:
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Hi nancy denton

I think you need to contact the life insurance company who had issued the policy. If you have lost the policy, then they may offer you a duplicate copy of the policy.

Thanks

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