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Cash in whole life policy employer paid

Colmatt
Level 5

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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Accepted Solutions
Colmatt
Level 5

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

 

 

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6 Comments 6
IRonMaN
Level 15

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


Slava Ukraini!
qbteachmt
Level 15

@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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Colmatt
Level 5

Not working on one.  Planning ahead for someone.  

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Just-Lisa-Now-
Level 15
Level 15

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

🙂


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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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 5

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