All funeral benefits paid out in 2022 will be taxable. Those who applied for a funeral benefit on behalf of a shareholder will be receiving a Form 1099-MISC in the name of the deceased shareholder, which will need to be reported on the decedent’s final tax return.

Some scholarships paid out in 2022 will be taxable. Shareholders who attended an accredited school or university will not receive a Form 1099-MISC and will not need to report the scholarship payments on their 2022 federal income tax return. Shareholders who did not attend an accredited school or university will receive a Form 1099-MISC and will need to report the scholarship payments on their 2022 federal income tax return.