ITA home This interview will help you determine if the life insurance proceeds received are taxable or nontaxable. Information you'll need If you are the policy holder who surrendered the life insurance policy for cash, if the amount you received is more than the cost of the policy If you are the beneficiary, the face amount of the policy, if specified in the policy if you are receiving the proceeds in installments, whether there is a refund or period-certain guarantee If federal income tax was withheld from the life insurance proceeds The tool is designed for taxpayers who were U.S. citizens or resident aliens for the entire tax year for which they're inquiring. If married, the spouse must also have been a U.S. citizen or resident alien for the entire tax year. For information about nonresidents or dual-status aliens, please see International taxpayers. Disclaimer Conclusions are based on information provided by you in response to the questions you answered. Answers do not constitute written advice in response to a specific written request of the taxpayer within the meaning of section 6404(f) of the Internal Revenue Code. Estimated completion time: 7 minutes Please note: After 30 minutes of inactivity, you'll be forced to start over. Caution: Using the "Back" button within the ITA tool could cause an application error. Begin
