Legal Question in Tax Law in Illinois

are life insurance proceeds taxable
are life insurance proceeds taxable

Asked on 3/25/08, 11:53 pm

1 Answer from Attorneys

Cyndi Perez Trostin

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Re: are life insurance proceeds taxable

Life insurance proceeds are not subject to income taxes, but they are subject to estate taxes if there is a taxable estate (over $2,000,000 in 2008).

Answered on 3/26/08, 11:14 pm

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