Will I Owe The Irs Taxes On A Life Insurance Payout?
Posted February 12, 2010 – 4:32 am in: structured settlements FAQMy mother passed away in April last year and in July I received a life insurance payout. No taxes were taken out of it. I also received a 401K beneficiary payout but taxes were taken out on it. I’m just wondering if I should expect to have to pay in a lump [...]
4 Comments | Tags: Insurance, Life, Payout, Taxes, WillWhole Life Insurance Policy Cash In Value On Taxes?
Posted February 1, 2010 – 10:22 am in: structured settlements FAQMy wife quit her job. She was contributing around $10 a month to a 25,000 whole life insurance. We got a letter that said the cash value was around $700. If we cash it in is there a tax cost to us? The letter stated that the cash value will [...]
2 Comments | Tags: Cash, Insurance, Life, Policy, Taxes, Value, WholeIf I Cash Out My Universal Life Insurance Policy Will I Have To Pay Taxes On The Money?
Posted January 27, 2010 – 4:26 pm in: term life insuranceI have purchased a term life policy. My universal life policy is raising each year therefore eating up my cash value unless I pay higher rates. The term life policy rate is frozen for 10 years and is worth more than the univesal policy. I want to cash out the univerasl policy and cancel [...]
5 Comments | Tags: Cash, Have, Insurance, Life, Money, Policy, Taxes, Universal, WillTaxes On Liquidating Whole Life Insurance?
Posted December 24, 2009 – 4:18 pm in: structured settlements FAQhi, im just wondering what kind of taxes i should expect when and if i liquidate my whole life insurance. thanks!
2 Comments | Tags: Insurance, Life, Liquidating, Taxes, Whole
