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Indiana Renunciation and Disclaimer of Property from Life Insurance or Annuity Contract - Indiana

Indiana Renunciation and Disclaimer of Property from Life Insurance or Annuity Contract - Indiana 2025

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The document is a legal form for renouncing and disclaiming interest in a life insurance policy or annuity contract following the death of a decedent, as per Indiana law. It outlines the process for the undersigned to formally decline any rights to the property associated with the policy/contract, including necessary attestations and delivery methods. The disclaimer is irrevocable and relates back to the date of the decedent's death.

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Does Indiana tax life insurance payouts?

Life insurance payouts generally arent subject to income taxes or estate taxes.

Do I have to pay taxes on money received from a life insurance policy?

Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, arent includable in gross income and you dont have to report them. However, any interest you receive is taxable and you should report it as interest received.

Why did I get a 1099 for a life insurance payout?

1099R. If you own a life insurance policy, the 1099-R could be the result of a taxable event, such as a full surrender, partial withdrawal, loan or dividend transaction. If you own an annuity, the 1099-R could be the result of a full surrender, a partial withdrawal or the transfer of the contract to a new owner.

Where do I report life insurance proceeds on my taxes?

You should receive a Form 1099-R showing the total proceeds and the taxable part. Report these amounts on lines 5a and 5b of Form 1040 or 1040-SR.

Can a beneficiary disclaim an annuity?

If the beneficiary wishes to not receive the proceeds of an inherited annuity, the beneficiary can disclaim the annuity. When the beneficiary disclaims, the assets then pass to the contingent beneficiary (if listed) or to the primary beneficiary if the surviving joint owner disclaims.