Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
tsgoudy1
New Member

Received 2 cash surrenders in 2016 did not receive 1099's. They said we did not make enough interest there was no gain. So where to a input the income?

 
1 Best answer

Accepted Solutions
MiriamF
New Member

Received 2 cash surrenders in 2016 did not receive 1099's. They said we did not make enough interest there was no gain. So where to a input the income?

You don't need to report this income.

The cash surrender value of a life insurance policy is equal to the premiums you have paid up to the surrender date minus the surrender fee. Because you have paid for the premiums with after-tax money (assuming you bought this policy from the private market, not through an employer), then it is not taxable.

View solution in original post

1 Reply
MiriamF
New Member

Received 2 cash surrenders in 2016 did not receive 1099's. They said we did not make enough interest there was no gain. So where to a input the income?

You don't need to report this income.

The cash surrender value of a life insurance policy is equal to the premiums you have paid up to the surrender date minus the surrender fee. Because you have paid for the premiums with after-tax money (assuming you bought this policy from the private market, not through an employer), then it is not taxable.

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings