Are Life Insurance Proceeds Taxable In Missouri?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaLife insurance proceeds generally pass to the the beneficiaries of the policy tax free. There are exceptions for business scenarios where the proceeds are subject to the AMT and estates that are larger than the unified credit or resident state exemptions. Consult your tax attorney for specifics in your state.Answered on September 7, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Life insurance proceeds in Missouri are not subject to income tax when the beneficiary of the policy is not the estate. When the beneficiary is the estate (due to being named as the estate, or by default because there are no living beneficiaries on the policy), the proceeds will go through probate and incur income taxes.Answered on September 8, 2013flag this answer
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