My client's father passed away in 2020. The father had a life insurance and a distribution was sent to my client. 1099R also issued and the recipient's name is my client's name on the form. I am just wondering is this income taxable?
On the 1099R box 2 there is a taxable amount. But base on the article i found on IRS says "
- Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them. "
So I am confused now is this 1099R income taxable or not?
Thank you very much for the help
Solved! Go to Solution.
The good news is, if the deceased had life insurance in addition to the annuity, your client should pursue the rest of their money.
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