Are life insurance payouts taxable?

[isis297]

What is the name of your state (only U.S. law)? NY

Do I need to report the life insurance policy I was beneficiary for on my taxes?

Thank you.

 

[tranquility]

If you're talking about the death benefit of a policy where you were a directly named beneficiary and not an owner, no.

 

[isis297]

Yes. Thank you. My mom died and I was her beneficiary.