Ask Experts Questions for FREE Help !
Ask
    jpelle's Avatar
    jpelle Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 21, 2013, 08:32 PM
    Will be receiving annunity money and other monies from life insurance policies
    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's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #2

    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    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
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Food stamps and receiving life insurance in ny? [ 2 Answers ]

I am kind of in a pickle and not sure what to do. My husband and I went on food stamps in Aug of this year because my mom was ill and we were out of work. Shortly after we were approved my friend and her children moved in with us because she was in a domestic violence marriage, She obviously had to...

How life insurance companies make money [ 3 Answers ]

Group life insurance policies are very popular and most employers offer it at no cost or shared cost with employees. Is this is a profitable business? How insurance companies make money?

How do Life Insurance companies make money? [ 7 Answers ]

Hi everyone! I'm just curious; I know that a motor insurance company makes money on the fact that not everyone crashes their car, so those premiums are a clear profit. But how do life insurance companies make a profit? Everyone who takes out a policy is guaranteed a payout! Is it a...

View more questions Search