Are the life insurance proceeds I received taxable?

This interview will help you determine if the life insurance proceeds received are taxable or nontaxable.

Information you'll need

• If you are the policy holder who surrendered the life insurance policy for cash,
  • if the amount you received is more than the cost of the policy
  • the face amount of the policy, if specified in the policy
  • if you are receiving the proceeds in installments, whether there is a refund or period-certain guarantee

  The tool is designed for taxpayers who were U.S. citizens or resident aliens for the entire tax year for which they're inquiring. If married, the spouse must also have been a U.S. citizen or resident alien for the entire tax year. For information about nonresidents or dual-status aliens, please see International taxpayers.

  Disclaimer

  Conclusions are based on information provided by you in response to the questions you answered. Answers do not constitute written advice in response to a specific written request of the taxpayer within the meaning of section 6404(f) of the Internal Revenue Code.

  Estimated completion time: 7 minutes

  Please note: After 30 minutes of inactivity, you'll be forced to start over.

  Caution: Using the "Back" button within the ITA tool could cause an application error.