Taxation of Life Insurance Settlement Proceeds Much Better Than It Used To Be

1040 tax return

It is that time of year. Time to talk taxes. The good news is the Tax Cut and Jobs Act has created a much better tax circumstance for clients. In many cases, tax is not owed. Here is an article that shows how the IRS used to tax proceeds and how they do now. In one example, prior to the TCJA , over $19,000 of tax was owed. But after, the tax bill was zero. Questions about taxation of life insurance settlements? Check out this article, and speak with your tax professional.

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