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I have a whole life insurance policy I do not repay
I have a whole life insurance policy I do not repay dividends they do get interest do I have to pay taxable interest income? Please send question to Rick … read more
Rick
Rick
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MBA
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I cashed in a whole life insurance policy in 2019. I rolled
I cashed in a whole life insurance policy in 2019. I rolled one policy into another. Started paying into it in 1980 and moved the money I paid into that policy into a better policy in 2004. Received a… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,669 satisfied customers
My husb's mom had a whole life policy on him from age 4 -
My husb's mom had a whole life policy on him from age 4 - when he was 25, she turned it over to us - in about 1982, we borrowed $2500 on the available cash value. The payments and we thought also inte… read more
Lev
Lev
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Bachelor's Degree Equivalent
35,669 satisfied customers
Question regarding whole life insurance and tax. If a person
Hello ... question regarding whole life insurance and tax. If a person has a whole life insurance policy that now has a cash value, if cash is drawn out of the policy is that a taxable event?Upon deat… read more
Lev
Lev
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Bachelor's Degree Equivalent
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If a Testamentary Trust received the proceeds of a life
If a Testamentary Trust received the proceeds of a life insurance policy, is the entire amount reported on the 1041 or just the earnings on the policy? The policy has a face value of $500 plus a $3,00… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,052 satisfied customers
We have a whole life insurance policy on my husband which is
We have a whole life insurance policy on my husband which is almost 40 years old. We have been getting a notice each year from the company showing the amount of dividends that have been added to our p… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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My husband and I surrendered a whole life in's policy for
My husband and I surrendered a whole life in's policy for income over 5 yrs. We received 2 1099R forms. One form showed policy surrender gross dist. Of $34,837, with $18,688 taxable, fed tax withheld$… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,153 satisfied customers
I have a whole life insurance policy with a cash value of
I have a whole life insurance policy with a cash value of 372,000 - I have never withdrawn any funds from this policy - current dividends paid in this policy ( some were used to help pay premiums ) ov… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,153 satisfied customers
I am the owner of a whole life policy from Mass Mutual taken
I am the owner of a whole life policy from Mass Mutual taken out in 1984. The dividends are used to pay the premium. It has paid excess dividend amount once a year for the last 8 years to a total of a… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I took out an endowment policy 50 years while resident overseas.
I took out an endowment policy 50 years while resident overseas. I immigrated to the USA 20 years ago. I have now cashed in the policy. I realize tax is payable on the interest but is it payable on th… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,669 satisfied customers
I received a 1099-R from an insurance company for a whole life
I received a 1099-R from an insurance company for a whole life policy that lapsed for $100,000, the net of earnings and the cost of insurance. i also paid over $100,000 in interest on a policy loan ov… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,669 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
35,669 satisfied customers
In 1963 I purchased a whole life ins. payable to age 85 from
In 1963 I purchased a whole life ins. payable to age 85 from met Life in the amount of $10,000. Upon death before 85, my wife would receive the face amount. If I lived beyond 85 I would receive the pr… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
My husband has a whole life insurance policy that was opened
My husband has a whole life insurance policy that was opened for him when he was very young after his mother passed away. We recently just opened term life policies for each other and were thinking ab… read more
Anne
Anne
Master Tax Preparer
2,601 satisfied customers
In 2004 my mother transfered ownership of her life insurance
In 2004 my mother transfered ownership of her life insurance to me and my brother.She is still alive.She elected to leave the dividends to accumulate interest when she took the out the policy in 1960.… read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
1,796 satisfied customers
If a whole life insurance is cacelled what portion of the policys
If a whole life insurance is cacelled what portion of the policy's cash value is subject to tax? And if a loan is taken instead of surrendering the policy what portion is taxable.… read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
1,796 satisfied customers
On a $20,000 whole life insurance policy (which has
On a $20,000 whole life insurance policy (which has been in effect for 40 years) and still paying a monthly premium for over 40 years; which is earning dividends and a cash surrender value; my questio… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I bought a Term Life Policy in 1970, then contracted ...
I bought a Term Life Policy in 1970, then contracted MS. The policy was converted to Whole and was paid by a waiver of premium, which started in 1974. Can I be taxed for taking loans against the polic… read more
Christopher Phelps
Christopher Phelps
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