Friday, January 13, 2012

Will I owe the IRS taxes on a life insurance payout?

My mother ped away in April last year and in July I received a life insurance payout. No taxes were taken out of it. I also received a 401K beneficiary payout but taxes were taken out on it. I'm just wondering if I should expect to have to pay in a lump sum at tax time b/c of the life insurance payout....

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