I am 71 and just received a distribution from Met Life. I only get $2000 a month from social security. Will I be taxed on the $13,000 I received from Met Life?? Thanks, Renee Harp in Pooler, Ga
Why did MetLife send you the check? Did your spouse pass away and it was a life insurance payout? Maybe it's a payout for a long term care insurance policy? It's taxability depends on a number of factors, one of them being "why" you were paid the money. Overall though if it's taxable income to you, then at tax time MetLife will send you the appropriate tax reporting document for that income. Could be a 1099-R, a 1099-MISC or some other form. It depends on why you were paid that money, among other factors that have to be taken into account, if it will be taxable or not.