I have a question.....so my dad passed away we just got approved for his life insurance, I haven't gotten told exactly how much I've gotten some clues that its 100 thousand, although I'm his daughter he didnt put me or my twin as the beneficiary he put my older brother as the beneficiary, so he's gonna spilt it between us so does that mean I'm getting that taxed and if so how much will I be taxed?
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— death benefits typically depend on how they’re paid out. Unfortunately for your brother, if it is taxable it will be taxed entirely under his SIN.
— So it will be taxed before he distributes it to me and my other brother? He died of natural causes and his life insurance was threw works so idk haha
— Double check with the irs but my mother’s life insurance wasn’t taxed. Sorry for your loss.
— Since he is splitting it between us do we have to because we aren't on the life insurance?
— Thank you