In September 2023, Thomas died. His wife was the beneficiary of his $50,000 life insurance policy. Thomas had paid $20,000 in premiums. His wife elected to collect the proceeds in ten equal installments of $6,500 ($5,000 on the face amount of the policy and $1,500 interest). Of the $6,500 she collected in 2023.

What is the taxable amount?

Answer rating: 100% (QA)

To determine the taxable amount of the 6500 collected by Thomass wife in 2023 from the life insuranc... View the full answer