Solved
Do i have to claim a life insurance policy cash out?
I cashed out a life insurance policy do i have to claim it?
If you cash in a life insurance policy you may have taxable income. The taxable income would be -
- the cash surrender value that you received (including any amount not received due to a loan on the policy), minus
- premiums paid over the life of the policy. On a mutual policy, premiums are net of participating dividends.
Generally, this only results in income on older policies. Your insurance company should send you a Form 1099-R for the income to report.
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