Page 56 - Other Income for Individuals
P. 56
Life Insurance Proceeds
/!\ You must verify the applicable taxes for interest income/!\
However, interest income
received as a result of life
insurance proceeds may
be taxable. This is true even if the
proceeds were paid under
an accident or health
insurance policy or an
unless the policy was endowment contract.
turned over to you for a
price.
2021 Life insurance
proceeds paid to
you because of the
death of the
insured person
aren’t taxable
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