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Additional Details
I reside in ... |
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Wego The Dog | Cash Value Of Life Insurance? |
If you "cash in" your cash value of a life insurance policy, is that regarded as income which you have to pay taxes?
Additional Details
Sorry, I'm in the USA. |
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bbwebpuppy
 |
If your policy was making you money - over funded, with minimal insurance, you would have to pay tax on the gain over and above what was invested. If this design was used in sturcturing your insurance policy, however, you might not cash it in, but instead borrow against it. Now the money you're using doesn't appear as income anywhere, except your insurance statement, you're insurance is still in effect, and you're values are still working for you, if it's a well structured plan.
This is one of my favorite strategies for folks. Contact me if you need more info. |
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baremp
|
I am not sure what country you live in. it should not be taxable since you paid the premiums in "after-taxed dollars" however different countries have different tax laws. |
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Insurance Pickle.com
 |
10%?....where does she get this info..92.8% of statistics are made up.
.Anyway, if you get more out than what was paid in then it is taxable. So if you got it 5 years ago "no," but if you got it 15 years ago...'probably so." |
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Carrie
|
if you received more than what you paid in, then you will be taxable for the difference.
example:
paid in $10,000
received $14,000 for surrendering/cashing in
difference is $4,000 of which you would be taxable for
when you surrender/cash out your policy you do have the option of allowing the insurance company to withhold a percentage from your value that you receive and that withholding amount will be paid towards any federal or state taxes that you may owe. the insurance company would be able to tell you the amount that would be taxable before you actually surrender the policy. you would then want to speak to your agent or tax advisor as to what impact your surrender would have on your income tax. |
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efflandt
|
How much gain (if any) is taxable depends how long you have had the policy and whether cash value has grown more than you paid into it.
The only 10% I am aware of is that they withhold 10% of the taxable amount unless you specifically tell them not to withhold. But if any is taxable, you will owe (probably more) tax on that part, so you might as well let them withhold it. |
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aaron p
|
Only the "taxable gain" is reported as income. Call customer service and ask them your "cash surrender value" and your "taxable gain". Then you will know how much the check is and how much you owe taxes on. The company should send you a 1099 at the end of the year.
10% doesn't figure into it.
Good luck. |
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mbrcatz
 |
No. Cashing in the policy, means cancelling it. You get the cash value, less the surrender fee.
Most of the time, the cash value of the policy is about 10% of what you've paid in.
You only pay taxes on your GAIN, that is, if you get back more than you paid in, in premiums. And that doesn't happen often. |
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