We have a Long-Term Care policy with an insurance company (CNA). This year they increased the premiums again but this year we were given an option to pay the increased premium or terminate the policy. We decided to terminated the policy.
At that point we were giving a check to close the account which we deposited in our checking account.
Our question is how to handle the money (given to us by the insurance company) on our Federal and State income tax forms.
I donot know how the Feds and our state (PA) handle these things. Your help is greatly appreciated
