Page 60 - Other Income for Individuals
P. 60
Life Insurance Proceeds
02
Proceeds received in
installments
Surviving spouse.
If your spouse died before October 23,
you because of the death of your
01 Proceeds not received in installments. I. Life Insurance Surviving Spouse 03 1986, and insurance proceeds paid to
LIP
spouse are received in installments, you
Proceeds.
can exclude up to $1,000 a year of the
interest included in the installments. If
you remarry, you can continue to take
Surrender of policy for the exclusion.
cash
04
58
