Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
I took 1 payment from my life insurance policy, which has
I took 1 payment from my life insurance policy, which has lost me money, started out metlife and now is brighthouse insurance, which is less that I invested. I received a 1099 R with figures in box 1 … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,218 satisfied customers
I have a 1099R from a life insurance policy that i cashed
i have a 1099R from a life insurance policy that i cashed out and the taxable amount (2a) is blank and the (2b) taxable amount not determined is checked. how do i determine what the taxable amount is?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,218 satisfied customers
I have a client that lives in California and is a Trustee of
I have a client that lives in California and is a Trustee of an Irrevocable Trust which was established in 1999.The only asset that has ever been in the Trust is a Last Survivor Life Insurance policy.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,218 satisfied customers
MY IRA custodian sent me a RMD in error and subsequently
MY IRA custodian sent me a RMD in error and subsequently reversed the transaction using a "rollover contribution" transaction placing the amount back into my account. However, they withheld 10% fed ta… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
I just cashed in our ins policies......we took them out in
I just cashed in our ins policies......we took them out in 2008 with aarp and have paid in 19,000 dollars in premiums for the 2 of us for life ins......we cashed them in for 6334.70....do I have to pa… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,283 satisfied customers
My life insurance company canceled my policy, because the
My life insurance company canceled my policy, because the premium loan equaled the cash value. They are sending me a 1099R for over $ 26,000.00. How can I lessen the impact of that income all in one y… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,218 satisfied customers
If I surrender a life insurance policy (small one taken out
If I surrender a life insurance policy (small one taken out in 1982 on toddler) is the CSV taxable?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,283 satisfied customers
We had a life insurance policy that they promoted as "being
We had a life insurance policy that they promoted as "being your own banker" where we paid in large payments over and above the premiums, and they called it paid up additions. The concept to them was … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,218 satisfied customers
In 1985 I converted 6 fully paid up life insurance policies
In 1985 I converted 6 fully paid up life insurance policies into 1 larger policy. Recently, because of medical (cancer) reasons I cashed-out the larger policy. Question 1: Will I get a 1099 from the i… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,218 satisfied customers
I withdrew money I had in a universal life policy and cancel
I withdrew money I had in a universal life policy and cancel the policy I understood that at the time when I started to witdraw the money from this policy that I wouldn't have to pay taxes on it where… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,218 satisfied customers
I HAD A SMALL LIFE INSURANCE POLICY ON MY SON FOR 25 YEARS
I HAD A SMALL LIFE INSURANCE POLICY ON MY SON FOR 25 YEARS AND CANCELLED IT LAST YEAR AND RECEIVED A CHECK FOR 1443.OO. DO I HAVE TO CLAIM THAT ON OUR TAXES?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,218 satisfied customers
I received a distribution from a life insurance company when
I received a distribution from a life insurance company when I terminated my adjustable life policy. The policy's cash value was approximately one third of the total premiums that I paid over the life… read more
Bill
Bill
Master's Degree
3,163 satisfied customers
Are life insurance distributions taxable My husband received
Are life insurance distributions taxable? My husband received a check for $10,352 from his late mother's life insurance company. We received a form 1099-R from the insurance company, which says the gr… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,218 satisfied customers
When my mother in law (MIL) passed away, a life insurance policy
When my mother in law (MIL) passed away, a life insurance policy taken out on my wife's life by MIL became, by a statement in the policy, my wife's. We decided not to retain it and closed it out for i… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,218 satisfied customers
I received a 1099-r from Thrivent Financial for Lutherans.
I received a 1099-r from Thrivent Financial for Lutherans. Over 20 years ago I received less than $1k and ended my policy with them. Now in 2008 I get a 1099-r saying I have gross distribution of $19K… read more
Bill
Bill
Master's Degree
3,163 satisfied customers
I recently cashed in two paid up life insurance policies to ...
I recently cashed in two paid up life insurance policies to by land for my son. When I filled out my tax on TurboTax, I was essentially taxed twice on the proceeds. I bought the insurance with after t… read more
Bill
Bill
Master's Degree
3,163 satisfied customers
I have received a 1099-R form from XXXXX XXXXXcock ...
I have received a 1099-R form from XXXXX XXXXXcock Variable Life Ins. it has 1. Gross distribution of $7,498 & 5. employee contributions/insurance premiums of $6,815.42 This might be a stupid question… read more
Bill
Bill
Master's Degree
3,163 satisfied customers
I cashed in a Variable Universal Life Policy in 2003. Basis was $6000
I cashed in a Variable Universal Life Policy in 2003. Basis was $6000. I netted 4000. Can I deduct the $2000 loss (includes 650 surrender charges)?… read more
Expert
Expert
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

5,118 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

298 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

18,818 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,665 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x