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Cash in whole life policy employer paid

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Level 3
last updated ‎February 17, 2020 8:17 AM

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?  

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Level 3
last updated ‎February 17, 2020 8:17 AM

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

 

 

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Level 15
last updated ‎February 17, 2020 8:17 AM

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

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 12
last updated ‎February 17, 2020 8:17 AM

@Colmatt 

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

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"Level Up" is a gaming function, not a real life function.
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Level 3
last updated ‎February 17, 2020 8:17 AM

Not working on one.  Planning ahead for someone.  

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Level 15
Level 15
last updated ‎February 17, 2020 8:17 AM

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

🙂


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 12
last updated ‎February 17, 2020 8:17 AM

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.
Highlighted
Level 3
last updated ‎February 17, 2020 8:17 AM

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