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

Veteran's Insurance Payout to Policy Owner

Highlighted
Level 2

Does anyone know if a veteran who has a VA matured endowment life insurance policy with a policy number that begins with a "V" (Veteran's Group Life Insurance "VGLI"), and has reached the age of 96, has to pay tax on a lump sum one-time proceeds payout?  The amount being paid is approximately $60,000 on a $10,000 insurance policy.  The veteran has continued to pay premiums throughout the life of the policy, and has reinvested the dividends paid on the policy.

Labels (1)
0 Cheers
4 Replies 4
Highlighted
Level 12

This is a Duplicate. You previously asked, here:

https://proconnect.intuit.com/community/proseries-discussions/discussion/taxability-of-va-insurance-...

No need to keep asking as a new topic. I will flag this for removal.

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
Highlighted
Level 2

I posted this question a second time because I didn't see any responses from anyone.  I thought the question might have been overlooked.

0 Cheers
Highlighted
Level 15

Patience grasshopper.


ex-AllStar
0 Cheers
Highlighted
Level 12

"I thought the question might have been overlooked."

Well, I recognized it right away, and thought, "How about that? Someone has the same question that @Ekhaterina asked previously." And then I noticed it was you, again... 🙂

This is a community of peer users volunteering to be helpful. You might have a question that isn't something anyone here has run into. Have you contacted the VA or a military resource?

No offense to the people here, but no way this is a big enough pool of people to know everything.

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