Question
Required information [The following information applies to the questions displayed below.] This year, Janelle received $130,000 in life insurance proceeds. Under the following scenarios, how
Required information
[The following information applies to the questions displayed below.] This year, Janelle received $130,000 in life insurance proceeds. Under the following scenarios, how much of the $130,000 is taxable? (Leave no answer blank. Enter zero if applicable.)
a. Janelle received the proceeds upon the death of her father, Julio.
Amount included:_____
b. Janelle received the $130,000 proceeds because she was diagnosed with colon cancer (life expectancy of 6 months), and she needed the proceeds for her care.
Amount included:_____
c. The proceeds related to a life insurance policy she purchased for $16,250 from a friend in need. After purchase, Janelle paid annual premiums that total $7,800.
Amount included:_____
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