Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
T
TIAMV
January 25, 2025
Question

LUMP SUM DEATH BENEFIT PAYMENT

  • January 25, 2025
  • 1 reply
  • 0 views

I received a lump sum death benefit in Jan 2025 for mother's passing in 2024 but did not receive a 1099R. Do I still include it as income?

    1 reply

    M
    MAK70
    January 25, 2025

    If the lump sum death benefit was for a life insurance policy, you would not pay income tax on it so you would not have to include it as income on your tax return.  If it is an annuity benefit, you would receive a 1099-R- these are not due to the IRS until January 31st, so the company may not have them filed yet.  

     

    I am sorry for your loss.

      T
      TIAMVAuthor
      January 25, 2025

      Thank you. 

      TurboTax Sign In Widget
      TurboTax flag icon

      Unlock tailored help options in your account

      Create an account
      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification