- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
You should get a 1099R and it would be shown in the IRA/pension area:
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, 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.
‎June 3, 2019
1:27 PM