This year is 2023: Life insurance. Martha took out a life insurance policy that would pay $240,000 if her husband George were to die. Martha paid total premiums of $106,000 over the years. This year, George died and Martha collected the $240,000 proceeds. How much gross income must Martha recognize?
Under U.S. federal tax law, life insurance proceeds paid out because of the death of the insured person are generally not taxable income. The beneficiary (in this case, Martha) does not have to report the death benefit received as gross income on their tax return. Martha paid total premiums of $106,000 over the years, but this does not affect the taxability of the death benefit. The full amount of the life insurance proceeds of $240,000 that Martha collected upon George's death is excluded from her gross income. Therefore, Martha does not have to recognize any of the $240,000 life insurance proceeds as gross income.
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