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Life Insurance Is Now Taxable?
- Article from:
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The CPA Journal
- Article date:
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September 1, 2008
- Author:
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Copyright informationCopyright New York State Society of Certified Public Accountants Sep 2008. Provided by ProQuest LLC. (Hide copyright information)
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Pension Protection Act Adds IRC Section 101(j)
As a general rule, life insurance proceeds should be free of income tax under IRC section 101(a). This has been the presumption when arranging most life insurance transactions. On August 17, 2006, however, the passage of the Pension Protection Act (PPA) changed the rules.
Anyone familiar with life insurance will likely tout income-tax-free proceeds as one of the product's great advantages. Those exposed to more advanced planning also know of the land mines in the law that could trigger taxation, if certain rules are not followed. Some situations that cause taxation include transfer for valuable consideration; three parties to a contract in an ...
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