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    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
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    #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

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