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Submitted By: someone
Answered: June 16, 2019 9:30 pm
Answered: June 16, 2019 9:30 pm
Is the union-provided death benefit I received as a surviving spouse taxable?
The exclusion of up to $5,000 for death benefits no longer applies. It had applied only for employees who died before August 21, 1996. Only a death gratuity paid to a survivor of a member of the Armed Forces continues to be excludable from gross income.
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Tax Glossary
Adjusted gross income (AGI)
Gross income less allowable adjustments, such as IRA, alimony, and Keogh deductions. AGI determines whether various tax benefits are phased out, such as personal exemptions, itemized deductions, and the rental loss allowance and modified adjusted gross income (MAGI).
