Do insurance companies issue IRS 1099 forms when they disburse life insurance death benefits at the time of death?
Total Comments: 3
Posted: Wed Jul 29, 2009 08:43 am Post Subject:
Do insurance companies issue IRS 1099 forms when they disburse life insurance death benefits at the time of death?
No, death benefits forwarded to the beneficiary aren't considered as his income and IRS 1099 form is to show income from sources other than wage. Death benefit from a life insurance policy comes without tax consequences.
Posted: Wed Jul 29, 2009 01:37 pm Post Subject:
Hi initial..
Did you receive the form 1099-R ? Or is it something else?
Tx, Plasticmind
Posted: Thu Jul 30, 2009 03:47 am Post Subject:
I would think that there would be often a 1099 issued. This isn't for the death benefit. It is for the interest that is earned on the death benefit between the time of death and the claim being paid.
Posted: Wed Jul 29, 2009 08:43 am Post Subject:
Do insurance companies issue IRS 1099 forms when they disburse life insurance death benefits at the time of death?
No, death benefits forwarded to the beneficiary aren't considered as his income and IRS 1099 form is to show income from sources other than wage. Death benefit from a life insurance policy comes without tax consequences.
Posted: Wed Jul 29, 2009 01:37 pm Post Subject:
Hi initial..
Did you receive the form 1099-R ? Or is it something else?
Tx, Plasticmind
Posted: Thu Jul 30, 2009 03:47 am Post Subject:
I would think that there would be often a 1099 issued. This isn't for the death benefit. It is for the interest that is earned on the death benefit between the time of death and the claim being paid.
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