Income
Posted by admin on December 2, 2009
0 comments
How is NJ and Federal Estate Tax and treated for annuities and life insurance?
Serving as executor – both parents passed in 2005. How is the income tax assets and manage both New Jersey and Federal returns on Annuities and term life insurance. Not sure what is taxable such as income and what is subject to property taxes. Also, no insurance that pays the taxes, beneficiary or property in the income tax – assuming there is a liability income tax.
The annuities are taxable. Life insurance is not. Each winner will be responsible for any tax liability, the amount is added to the respective incomes of the current year paid.
Paying income tax in America is Voluntary