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I am getting some money and don't know what to do

Anonymous
Posted by Anonymous
  • 13 Replies
My husband and i are getting 6 grand from a life insurance policy his dad had. We have never gotten something like this before. Will we have to pay taxes on it?

Edit: how long does it usually take to get insurance money....I'm not asking for advice on what to do with the money. It says right there that I'm asking about taxes.

Thanks girls
Posted by Anonymous on Dec. 11, 2016 at 3:17 PM
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Replies (1-10):
Anonymous
by Anonymous 2 on Dec. 11, 2016 at 3:22 PM
Life insurance proceeds are usually tax free.
KairisMama
by Sapphire Member on Dec. 11, 2016 at 3:25 PM
Nope. Life insurance isn't taxed.
Anonymous
by Anonymous 3 on Dec. 11, 2016 at 3:26 PM
Free and clear.
Anonymous
by Anonymous 1 - Original Poster on Dec. 11, 2016 at 6:07 PM
Bump
Hanab818
by ThePonds on Dec. 11, 2016 at 6:08 PM
You dont pay taxes on life insurance. For my moms and mil policies we filed the paper work in the begining of august and got our payments anywhere from 3-6 weeks depending on the amount and company. Each of them had several policies.
Anonymous
by Anonymous 4 on Dec. 11, 2016 at 6:09 PM
No.

Don't know.

Put half towards debt. Half in emergency savings. Don't touch the second half.
Anonymous
by Anonymous 1 - Original Poster on Dec. 11, 2016 at 6:11 PM
Where did I ask what I should do with it? Strange you would think you could tell me what do too....

Quoting Anonymous 4: No.

Don't know.

Put half towards debt. Half in emergency savings. Don't touch the second half.
Anonymous
by Anonymous 5 on Dec. 11, 2016 at 6:14 PM
Ummm in your title you said "don't know what to do" so it kind of sounds like you don't know what to do with the money..,

Quoting Anonymous 1: Where did I ask what I should do with it? Strange you would think you could tell me what do too....

Quoting Anonymous 4: No.

Don't know.

Put half towards debt. Half in emergency savings. Don't touch the second half.
Anonymous
by Anonymous 1 - Original Poster on Dec. 11, 2016 at 6:16 PM
Ummm did you read the entire post? I didn't know what to do about taxes.

Quoting Anonymous 5: Ummm in your title you said "don't know what to do" so it kind of sounds like you don't know what to do with the money..,

Quoting Anonymous 1: Where did I ask what I should do with it? Strange you would think you could tell me what do too....

Quoting Anonymous 4: No.

Don't know.

Put half towards debt. Half in emergency savings. Don't touch the second half.
Anonymous
by Anonymous 4 on Dec. 11, 2016 at 6:19 PM
Oh I'm sorry miss pissy.

I figured the whole title "I am getting some monew and don't know what to do" hinted that you were asking for financial advice. You know, like a logical and rational person would assume.

Go ahead and blow it on booze and smokes. I don't give a shit. Ffs. You're ridiculous.

Quoting Anonymous 1: Where did I ask what I should do with it? Strange you would think you could tell me what do too....


Quoting Anonymous 4: No.







Don't know.







Put half towards debt. Half in emergency savings. Don't touch the second half.
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