Do you have to pay income tax on money received as a beneficiary to life insurance policy if it's only $7000?

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Ivywood1484 Asked May 2012

Do you have to pay income tax on money received as a beneficiary to life insurance policy if it's only $7000?

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I don't believe you have to pay taxes on money received from life insurance, but please check with a tax expert to make sure. States vary in their requirements and individuals have different circumstances. Likely you are okay, but please check it out.
Carol

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Do you have to pay income tax on money received as a beneficiary to life insurance policy if it's only $7000?

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