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What are the tax consequences of cashing in a life insurance policy 2024?

Harper Ward | 2023-05-07 11:59:11 | page views：1895
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Julian Smith

Works at the International Finance Corporation, Lives in Washington, D.C., USA.
If the CSV is more than the premiums and you surrender the policy (cancel it), the excess is earnings and taxable income. For example, if you paid $1,000 in policy premiums for 20 years and you cash in the policy and receive $30,000, you'll pay ordinary income tax on $10,000 in earnings.
2023-05-17 11:59:11
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Lucas Allen

QuesHub.com delivers expert answers and knowledge to you.
If the CSV is more than the premiums and you surrender the policy (cancel it), the excess is earnings and taxable income. For example, if you paid $1,000 in policy premiums for 20 years and you cash in the policy and receive $30,000, you'll pay ordinary income tax on $10,000 in earnings.
Is cash surrender value of insurance taxed? - Bankrate.com
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