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Not sure if this is the right category. My insurance company

Not sure if this is the right category. My insurance company emailed to say the following: "I wanted to make you aware of an opportunity concerning your 10 year term life insurance policy. You have up to a $630 credit to use before the next policy anniversary of 11/2016" I have no idea what that means. I don't want whole life insurance, and I feel like it might have something to do with that.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
Long-term care question: I have term life insurance and full

Long-term care question:I have term life insurance and full life insurance coverage, but no long-term care insurance. I was told that it is important and worth to have. What's the benefit of having long-term care coverage? Any disadvantages? If I decide to have it, how to get one? Any choices are better than others? I only know three of them: 1) piggy-bag on life insurance (not very sure what is this and how to get), 2) through AARP, 3) through my professional Association's group coverage. Any other better choices? How do I compare? What to look for?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
Hi, I am looking for further clarification regarding 10% Shareholders

Hi, I am looking for further clarification regarding 10% Shareholders in an S Corp. The referenced shareholders are employees of the corporation and have life Insurance coverage paid by the corporation. As I understand it, we must add the premium amount paid or Table 2.2 amount to their W2 form in boxes 1, 3 and 5 in addition to box 12 designated as C. Do we need to report the total amount of the premium or table or just the amount for coverage in excess of $450,000? Thank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
Hi, We are a small company and have purchased term life insurance

Hi, We are a small company and have purchased term life insurance policies for three employees, $500K of coverage each. I realize the company is limited in its ability to receive a deduction for $50K only. My question is, must we deduct the differential cost from the employees pay (Cost for $450K of the $500K) or can the company just absorb the total cost and only deduct the cost for $50K coverage on its tax return? Thank you

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Megan C

Master's Degree

 
29,934 satisfied customers
C corp company plans to provide life insurance to officers

C corp company plans to provide life insurance to officers and also search for insurance type such term life insurance and whole life insurance. Are these life insurance premiums to officers' wage? Is there any ways that life insurance premiums are not added to their wage? thanks

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Megan C

Master's Degree

 
29,934 satisfied customers
I will receive money from the sale of "phantom stock" it will

I will receive money from the sale of "phantom stock" it will be considered part of my income. It will be in the neighborhood of $350k. I am looking for ways to help with taxes, of course I would like to keep as much as possible. It is being wired to me by a Swedish company and I will be responsible for setting up taxes etc. Would buying a business or setting up a LLC help and how? How could I keep as much of the money as possible? My annual base salary is $147,000 in addition to the bonus add to that my wife's salary of $90,000 and we are not eligible for some of the regular tax breaks. We have 4 children if they would factor into the ideas. Many thanks.

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PDtax

Owner

Master's Degree

 
6,658 satisfied customers
Im not sure if this is the right category for my question,

I'm not sure if this is the right category for my question, and I don't like the chat option. I have 10 year fixed term life insurance on my two adult children. I only have $50,000 each on them, just enough to cover funeral expenses, etc. My insurance company is asking me if I want to convert to a "permanent" policy on them, and I don't know what that means. I got the 10 year term because they are both in their early 20s, and I wanted to make sure they were covered if something happens to them, but in 10 years I would expect they'll probably be married and/or working/more responsible to where they will have their own insurance or I can sign this over to them or something. I don't want whole insurance where it might not be vested when something happens, and then I'm stuck with a bill.

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Megan C

Master's Degree

 
29,934 satisfied customers
Hello, I started recently working as an independent contractor

Hello,I started recently working as an independent contractor (Owner of an LLC) and I am interested in purchasing a "Whole Life Insurance" to protect the future of my wife and 3 kids. What is the best way to proceed? How to get the best value? Can I pay this through the LLC? Is it tax deductible?Thank you for your time,Mikael

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Dimitry K., Esq.

Attorney at Law

Doctoral Degree

 
46,548 satisfied customers
Should I withdraw money from my 401K

Should I withdraw money from my 401K

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Megan C

Master's Degree

 
29,934 satisfied customers
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