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Do you have to pay taxes on cashing out a life insurance policy 2024?

Lucas Wilson | 2023-05-07 11:59:10 | page views：1892
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Jackson Hayes

Works at Facebook, Lives in Menlo Park. Graduated from Stanford University with a degree in Computer Science.
The surrender of your policy may result in taxable gain. If you surrender your cash value life insurance policy, any gain on the policy will be subject to federal (and possibly state) income tax. ... Your basis is the total premiums that you paid in cash, minus any policy dividends and tax-free withdrawals that you made.
2023-05-17 11:59:10
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Ethan White

QuesHub.com delivers expert answers and knowledge to you.
The surrender of your policy may result in taxable gain. If you surrender your cash value life insurance policy, any gain on the policy will be subject to federal (and possibly state) income tax. ... Your basis is the total premiums that you paid in cash, minus any policy dividends and tax-free withdrawals that you made.
Is life insurance taxable? | Ameriprise Financial
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