As a senior, I cashed out three insurance policies receiving only about $2,000. I have borrowed from them several times over the past 15 years to help pay bills. I have had the policies reduced by the insurance. companies each year as repayment of principal and interest on the policies. Now they have now sent me 1099-R forms saying almost $50 was the gross distribution on the three policies. Is this $50 K income I have to pay taxes on?
