Can The IRS Take Life Insurance?

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   Peggy Mace

   Most of the U.S.

   If you owe money to the IRS and are the beneficiary of a life insurance policy, the IRS can claim this money when it hits your bank account. If it is the benefactor of the policy who owes money to the IRS, the IRS cannot take the money from beneficiary named in the policy unless the beneficiary filed a joint return with the benefactor.

   Answered on June 29, 2013

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