Cashing in Life Insurance

[anteater]

Why do you persist? Can't you read? You do not know how little my dollar amount the policy is. I do not owe taxes, period ! I read from the IRS.

Well... I'm glad that is settled.

Now, go tell your son since he apparently is the policy owner now.

 

[lilbutterfly 60]

Cashing Life Insurance

Sarcasm I can do without. There is enough of it in this world. In fact too much. Have a wonderful day.

 

[LdiJ]

Sarcasm I can do without. There is enough of it in this world. In fact too much. Have a wonderful day.

Well...you will certainly find out for certain when you or your son get the 1099 in January.

 

[Betty]

If you say so! As noted, you'll find out definitely when you/your son get the 1099-R. I cannot say you definitely don't owe any taxes but since you seem to know all about the policy (I don't), whatever you say.

 

[lilbutterfly 60]

Betty, Damn, I wasn't even talking to you.

 

[Betty]

Betty, Damn, I wasn't even talking to you.

Anyone can reply in a thread whether you were talking to them or not. I'm done here. There is no more to tell you anyway than what has already been said.

(I wasn't replying to your sarcasm post anyway but your post saying you owe no taxes.)

 

[tranquility]

Quite frankly, I don't think there is enough information to determine if taxes are due or not. (By the way, I read and have had classes on the specific issue.)

Good luck!

 

[lilbutterfly 60]

Tranquility, You are 100% correct with your answer. I did not post any monetary amounts. I did calculate for my situation and spoke with the Insurance Company and no there weren't any gains. No taxes are due. Thanks for the answer.