My brother recently passed. He was retired military. He converted his SGLI policy upon his dicharge and we are now the beneficiaries of this converted policy. My portion is 50k. What are the tax implications to me as a single parent/head of household and are there avenues that will allow me to lessen the tax bite?
If I understand it right, you were the beneficiary on a life insurance policy from your brother? There are no taxes.
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