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Topic: M-1 Reconciliation (

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ms500
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Joined: 30 Jun 2008
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Posts: 482

Posted: 09 Jul 2009 at 12:14 \| IP Logged

Hi Bala

Interest from life insurance proceeds will be taxable

tks

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lolly84
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Joined: 26 Jan 2009
Location: United States
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Posts: 27

Posted: 09 Jul 2009 at 12:23 \| IP Logged

I thought Life ins proceed is not taxable but the interest income receive on it is taxable? Am i reading something wrong here, pls correct me?

Thanks!

ms500
Major Contributor

Joined: 30 Jun 2008
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Posts: 482

Posted: 09 Jul 2009 at 13:02 \| IP Logged

Hi Lolly84

Interest that you receive or that is credited to your account and can be withdrawn is taxable income and must be reported on your tax return. Life insurance dividends are not taxable to the extent of policy and you should not report them on your tax return.

Tks

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bala
Major Contributor

Joined: 09 Jan 2009
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Posts: 355

Posted: 09 Jul 2009 at 13:16 \| IP Logged

Thanks a lot ms500 for clarifying. All the best for your exam.

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