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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12044
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I live on $10,581 a year and want to cash in 2 of my ins. policies.

Customer Question

I live on $10,581 a year and want to cash in 2 of my ins. policies. One is already paid for the other is not, they both pay $1,700 and along with my yearly S.S & S.S.I I would be getting $ 13,981. Do I have to pay income tax on the whole thing or just my policies ? I want to thank you for any help you can give me.
Joan M. Grassi
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. Based on information you provided, no your social security will not be taxable. To determine if you even have to file, I need to know how much is your social security income?
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Help via Email or Text Message. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  emc011075 replied 1 year ago.
email or text message is a premium service. The minimum charge is $5. I can send you an offer or you can request it from your screen. Would you like me to send you an offer or continue here?
Customer: replied 1 year ago.
I will not call you, I'm 86 yrs old and even with hearing aids I have a hard time to talk on the phone. I guess we'll call it a day and I will call the S.S office I get free answers.
Expert:  emc011075 replied 1 year ago.
Don't you see my answer?
Customer: replied 1 year ago.
There is no answer on my page but I did see that you took money out of my bank account. I want it back , your ads say that we'll get an answer in a few minutes, well I still don't have an answer except I don't have to pay for what I live on, All I wanted was to find out if I owed Income and "State tax. on my insurance polocies, why do we have to talk on the phone? You have everything you need. I want all my money back and do not enroll me in anything.
Expert:  Lane replied 1 year ago.
Hi,...I am a different expert....No - you would owe income tax (federal and state) ONLY if you have taken out more than you contributed in premiums for the policies....let me know if you still have questions here...Lane..
Expert:  Lane replied 1 year ago.
Did you see my answer Joan?