jpelle
Jul 21, 2013, 08:32 PM
Hello, from Pennsylvania here... will be receing money from annunity and life insurance policies due to passing of a relative... question is should we pay the taxes now or take the money now and see what happens later...
joypulv
Jul 21, 2013, 09:02 PM
Are the insurance companies giving you a choice? Usually you get lump sums and deal with any possible taxes next April.
AtlantaTaxExpert
Jul 22, 2013, 05:25 AM
If the insurance payments are straight death benefits, then no taxes will be due.
As for the annuities, that depends on how they are structured. You need to consult with a tax professional