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Is Life Insurance Taxable? Everything You Need To Know

From CreditKarma.com….

The good news is that life insurance payouts to individuals generally aren’t subject to federal income tax.

But that doesn’t mean life insurance never affects federal taxes. Let’s discuss some situations when payouts are and aren’t taxable, when premiums may be part of your tax bill — and how to best protect your loved ones from a potential tax liability.

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