I recieved a sum from my mothers death. Her Life Insurance and her retirement balance. Is there anything I recieve from these companies for tax time?
2006-12-20 14:24:20 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You will receive a 1099R for the retirement balance. There could be some interest income paid with the life insurance but the life insurance itself is not taxable.
The retirement amount is taxable to you but because you received it because of your mother's death there is no 10% early withdrawal penalty.
2006-12-20 22:38:45 · answer #1 · answered by waggy_33 6 · 1⤊ 0⤋
Yes, I believe they will send you some kind of form. Maybe like a 1099 or something.
I would wait and see or call H & R Block and ask now, that way you'll know if you need to wait.
2006-12-20 22:33:12 · answer #2 · answered by tdc923 4 · 1⤊ 0⤋