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jonathanmackin
Guest
My grandfather passed away a few months ago. He worked for Armco Steel in Canada, a division of Armco Steel United States (which is now AK Steel). He retired sometime around 1982. As a benefit from his years of empolyment he recieved a life insurance policy through Armco United States, Middletown Ohio. He listed my mother and her sister as sole beneficiaries of the policy. The policy amount is approximately $126,000. My question is will this be taxed by the IRS. I have read in some documents that as he retired prior to January 1 1984 or was older than 55 on January 1 1984 the policy is not subject to taxes. The contact we have for AK steel says that it shouldn't be taxed, for the same reason. I am looking for some advise from someone who understands American Tax Laws with respect to Estates and Life Insurance Policies, as up here in Canada we are not accustomed to American Tax Law.
Thank-you
Thank-you