How Much Taxes Do I Pay On Life Insurance?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   Generally life insurance proceeds are paid to the beneficiaries of the life insurance policy tax free. There are exception if the proceeds remain in the decedents estate and could be subject to estate taxes. Life insurance proceeds that generate income could be subject to ordinary income tax if the policy is surrendered with gain in ht e contract including any policy loans in excess of basis.

   Answered on July 26, 2013

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