This year, Janelle received $300,000 in life insurance proceeds. Under the following scenarios, how much of the $300,000 is taxable? Janelle received the proceeds upon the death of her father, Julio. Janelle received the $300,000 proceeds because she was diagnosed with colon cancer (life expectancy of 6 months), and she needed the proceeds for her care. The proceeds related to a life insurance policy she purchased for $50, 700 from a friend in need. After purchase, Janelle paid annual premiums that total $31, 200