Page 58 - Other Income for Individuals

Life Insurance Proceeds

02
Proceeds received in
Proceeds not received in installments. installments

 If death benefits are paid to you in a
lump sum or other than at regular
intervals, include in your income only
the benefits that are more than the
amount payable to you at the time of
the insured person's death. 01 Proceeds not received in installments. I. LIP Surviving Spouse 03
 If the benefit payable at death isn’t Life Insurance
Proceeds.
specified, you include in your income

the benefit payments that are more
than the present value of the
payments at the time of death. Surrender of policy for
cash

04

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