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You will get a 1099-R. Normally, only the excess of the cash value over the premiums paid is taxable.
You will get a 1099-R. Normally, only the excess of the cash value over the premiums paid is taxable.
If you cash in a life insurance policy you may have taxable income. The taxable income would be -
Generally, this only results in income on older policies. Your insurance company should send you a Form 1099-R for the income to report.
If you did not receive a 1099-R from your insurance company and you are confident that you would have received it if it was mailed to you, for example your address has not changed recently, then it is likely the 1099-R was not sent to the IRS either.
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