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I have a whole life insurance policy if I do not get paid
I have a whole life insurance policy if I do not get paid dividends but they do receive interest would that be considered taxable income … read more
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I get a small soc sec check so cashed in my life insurance
I get a small soc sec check so cashed in my life insurance policy. I am 77 years old. Do I add my total soc sec ck amount and the amount from the life policy and then find what i owe to IRS? I did not… read more
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I have a whole life insurance policy I am surrendering. I
I have a whole life insurance policy I am surrendering. … read more
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If we Cash in a life insurance policy, do we pay income tax
If we Cash in a life insurance policy, do we pay income tax on that … read more
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I have a friend that recently lost her husband. Apparently
I have a friend that recently lost her husband. Apparently he had a 20K insurance policy that he took out. She is a simple soul and really does not know how to deal with this level of paperwork. She s… read more
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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
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I am trying to understand my significant other's whole life
I am trying to understand my significant other's whole life policy. She bought whole life policy many years ago and her then husband borrowed $75,000 from policy. Her interest on this "loan" is about … read more
Rick
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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
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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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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®
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I have a reversable trust do I have to put my life insurance
i have a reversable trust do I have to put my life insurance policies into it? My only son is beneficiary and I dont know if life insurance policies should be in the trust at time of death (I'm 83) Fl… read more
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I have a question regarding a tax issue on my personal life
I have a question regarding a tax issue on my personal life insurance policy. My rep said that I have to claim some of my insurance policy money as income because I took out a loan back in year 2000.… read more
Anne
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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
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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
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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
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I borrowed $ 42,000 on a life insurance policy in my name.
I borrowed $ 42,000 on a life insurance policy in my name. I would like to repay the loan with the value of the policy. Can I use capital gains to avoid paying the tax owed on this transaction.… read more
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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
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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
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