As a senior,  I cashed out three insurance policies receiving only about $2,000.   I have borrowed from them several times over the past 15 years to help pay bills.  I have had the policies reduced by the insurance. companies each year as repayment of principal and interest on the policies.   Now they have now sent me 1099-R forms saying almost $50 was the gross distribution on the three policies.  Is this $50 K income I have to pay taxes on? ... View more