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How to rapidly redact Form 8925 (Rev January 2010) Report of Employer-Owned Life Insurance Contracts online

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What is the penalty for not filing Form 8925?

There is no direct penalty. The real issue is whether the notice and consent requirements were met when the policy was issued. If you have not reported on form 8925 it could be questionable. In which cases you may need/want a PLR to know for sure.

What is an employer-owned life insurance contract?

Employer-owned life insurance contract: A life insurance contract that is (1) owned by a person engaged in a trade or business and under which such person (or a related person) is directly or indirectly a beneficiary under the contract, and (2) which covers the life of an insured who is an employee of the applicable

Who needs to file Form 8925?

For Paperwork Reduction Act Notice, see instructions. Generally, every policyholder owning one or more employer-owned life insurance contracts issued after August 17, 2006, must file Form 8925 for each tax year the contract(s) is owned.

Do beneficiaries pay taxes on life insurance policies?

In general, the payout from a term, whole, or universal life insurance policy isnt considered part of the beneficiarys gross income. This means it isnt subject to income or estate taxes.

How do I report life insurance on my tax return?

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. See Topic 403 for more information about interest.