topic 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? in Retirement tax questions

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 — Wed, 05 Jun 2019 21:48:27 GMT

Did not receive a 1099R

MinhT — Wed, 05 Jun 2019 21:48:28 GMT

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.