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Returning Member
posted May 31, 2019 6:50:01 PM

I took some money out on a modfied state farm life insurance policy of 2500.00 dollars . is that taxable income?

no

0 1 364
1 Replies
Level 15
May 31, 2019 6:50:03 PM

Maybe ... depends on what the distribution was made of ... your contributions or earnings or a combination of both.  State Farm will send you a form 1099-R showing the total distribution & the taxable portion ... if you have questions on how much is taxable  then direct them to the payer.