No, you do not. If an individual is the beneficiary of a life insurance policy, and receives the proceeds from a life insurance policy, the death benefit is not subject to federal income tax.
However, if the life insurance policy was owned by the estate, the proceeds may be subject to estate taxes.
It is always a good idea to review the tax implications of life insurance proceeds with your tax accountant, and perhaps a tax attorney to verify the taxable status of the money you receive.
Here is an article that reviews the life insurance tax implications of life insurance proceeds in more detail.
Insurance without any Medical Exam,
Just a Few Health Questions.
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