Wife and I cashed surrendered life insurance policies this year..How much of this amount is taxable?? Both in our eighties.....

[Critter-3]

That is a question for the insurance company ... they will issue a 1099-R in January   for each policy which will report the total distribution and the taxable portion.

[dmertz]

The distribution is taxable to the extent that it exceeds the investment in the contract (premiums paid).  If the amount distributed was less than the investment in the contract, the insurance company is not required to issue a Form 1099-R reporting the distribution and the distribution in that case would not be reportable on your tax return.