Wife and I cashed in our term life Insurance. had policies aprox. 14+- Years over years paid $12,900.00 (wife) & 14,912.00 (me). Checks were $7,034.15 & $4,143.16. Taxes?

Bobby5864 · ‎June 5, 2019

Did not receive a 1099R

MinhT · ‎June 5, 2019

As the cash values of your policies are less than the amounts of premiums you have paid, there is no tax due on these transactions.

You do not need to report them on your tax return.

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MinhT · ‎June 5, 2019

As the cash values of your policies are less than the amounts of premiums you have paid, there is no tax due on these transactions.

You do not need to report them on your tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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