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Sat, Jun 18, 11 at 18:50
| Almost 2 years ago, I executed a pre-needs agreement for my mother with a funeral home. A lump sum was paid to an insurance company per State law. My mother recently passed away and since the amount I paid to the insurance company exceeded the pre-needs agreement amount, I was told by the funeral home that I need to submit my social security number to obtain the refund. Why is my Social Security Number necessary? Does the insurance company plan to issue a 1099 Form to me?
If anyone has experience with this, please let me know. |
Follow-Up Postings:
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| Insurance companies are required to report all proceeds paid out to the IRS. You don't necessarily get taxed on them - life insurance proceeds are generally tax free, for example - but insurers must abide by federal laws. No reason to get upset. Your SocSec number isn't secure anyway. |
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| If the owner of the policy was your mother, perhaps you could have them make the payment to her estate, using her SSN. |
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