Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Cash in whole life policy employer paid

Colmatt
Level 4

Considering cashing in whole life insurance policy for $30,000.  Company paid for $60 a month for 45 years.  Company closed few years ago. Never indication on W-2 if included in wages.  Taxable or assume in wages?  

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Colmatt
Level 4

Thanks Lisa....Lost in some respects, but so happy to have the help of everyone here to set me straight.

 

 

View solution in original post

6 Replies 6
IRonMaN
Level 15

Why don't you check with the insurance company to see how much of it is taxable?

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
qbteachmt
Level 15

@Colmatt 

Whose income tax return are you working on, using ProSeries? Or, are you lost on the internet?

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
Colmatt
Level 4

Not working on one.  Planning ahead for someone.  

0 Cheers
Just-Lisa-Now-
Level 15
Level 15

Colmatt isnt a lost DIYer, theyve posted here on numerous occasions in the past.

🙂


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
qbteachmt
Level 15

It's always weird when a tax question is asked in the first person perspective.

*******************************
"Level Up" is a gaming function, not a real life function.
Colmatt
Level 4

Thanks Lisa....Lost in some respects, but so happy to have the help of everyone here to set me straight.

 

 

View solution in original post