I'm a spouse beneficiary for a life insurance with a question?

Question

How much taxes do I need to pay if received in a lumb sum .

Answer 1

You would have to claim them definatly but it all depends on how much you get.  If youve recently recived a lump sum try sitting on it for a while to grow some interest.  Also you could call any tax place (HR Block ect.) and get some finacial advice!

Answer 2

I would think around 8% of the policy's value.

Answer 3

6-10%

Answer 4

The proceeds of a life insurance policy pass income tax free to the beneficiary.

There are no income taxes that you will need to pay.

Answer 5

When my father passed away, I received a lump sum.  My accountant told me this was not taxed, and I did not have to pay taxes on it.