 Health insurance didn't pay bill when they approved it from 5 years what can i do about it now? |
| I had my wisdom teeth removed about five years ago, the doctor required that I had anethesia to avoid choking on pieces of them because they were fragile from cavities. They had to run the insurance ... |
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 What the best health insurance for me? |
| i am a senior in high school and I am going to college this year, my family don't have any type of health insurance so i want to get one on my own, I want the health insurance that covers dental ... |
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 Which insurance is better? |
hello,
just wanted to know which insurance is better? for a couple ages 51 and 50.
AETA PPO
Blue Cross Blue Shield 5000 (Nevada)
Humana
thank you ! :)... |
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 How do I get life insurance for my parents.? |
| My Parents do not have life insurance. Can I get a policy for them and will I need a power of attorney or do they have to get it on their own.... |
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 Healthcare and health insurance? |
| What are some examples of quality healthcare plans and health insurance through work? Thank you.... |
|
 What type of insurance should I have for small business? |
| I am planning on Starting a small yard cleanup business or pooperscooper business. what kind of insurance coverage should I have? I will not have any workers, it will just be me, and I will be ... |
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| Will after the fact proof of insurance lower my fine? |
| I was cited for speeding and lack of proof of insurance. If I fax in my proof of insurance after receiving the ticket..will it lower the overall fine?... |
|
 Is $13.50/month a lot for a 5-yr term life insurance of $50,000? |
| Is $13.50/month a lot for a 5-yr term life insurance of $50,000 for a healthy 22-yr old? This is for State Farm....... |
|
 Will my lupus still be covered if i change job? |
| I had lupus for 4 years, and my medical bills are covered by my current company insurance. If I change job in the future, will my lupus still be covered by the new company's insurance?... |
|
 How do I get unemployment? |
If quit would I still be able to apply?
If I get fired would I still be able to apply?
... |
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 What heath insurance/coverage can I apply for after my medicaid expires? |
| I am 18 years old and in college. According to medicaid qualifications, i will no longer be eligible* after my 19th birthday. Does anyone know any good healthcare plans for a struggling college ... |
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 How can I find an life insurance policy from a company that is no longer in business? |
| The policy was issued in 1976 from Old Security Life Insurance Company from Missouri.... |
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 I received the first bill for services rendered 13 months after the insurance paid. Do I owe the balance? |
| I had a procedure on 5/30/07. The provider billed the insurance on 7/10/07 and received payment. My EOB told me how much was paid and that I might owe the provider $188.20. I never received a bill ... |
|
 Medicare supplemental insurance? |
| Can anyone provide a link/s to info. on the different medicare supplement plans, to compare them. We are considering Blue Cross Blue Shield, but would just like the info. about coverage. We can get ... |
|
 Health Insurance? |
| With heath Insurance prices continually rising, less and less people can afford it. If it gets any higher here, what can happen? Fuel is killing us to. What kind of a catastrophy can we expect? How ... |
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hand-ball | Hi, I would like to convert the cash value of my life insurance to an IRA without paying cap gains. How? |
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 |
 
mbrcatz
 |
Do you want to cancel your policy? Or borrow against it?
In any case, you don't pay capital gains unless you had a GAIN - it's pretty unlikey that your cash value is more than you've paid in, for the insurance, over the years.
However, the amount you can contribute to an IRA is going to be limited. You can't "roll over" another type asset to get around the IRA contribution laws. |
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efflandt
 |
An IRA (individual retirement annuity) at an insurance company can be transferred to a regular IRA (individual retirement account). I did that without any tax consequences.
But a surrendered insurance policy is in a different class. Note that you do not pay tax on the entire cash value, just the gain over premium payments that went into it. So it may not be as bad as you think. I did that to pay off some bills and first contribution to a Roth IRA.
If you owe more than $1000 at tax filing time, you may get hit with an under withholding penalty. |
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Steve S
|
Are you looking to cash in your life policy. If you take out the cash value it is looked at as a loan. And you will be charged interest. You will have to increase your payment to your policy or it will run out of money and lapse and provide no death benefit. Please be sure that you understand what you are trying to do. Life insurance should be sold to cover final expenses. If you have those covered by other means and have talked this over with an adviser, go forward cautiously. If not I would suggest that you research a little more. Good Luck |
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aaron p
|
Any gain in your policy would be subject to ordinary income tax, not capital gains. Assuming that your life policy is not in a qualified account (which is exceedingly rare), the only way to avoid paying tax on a gain avoid recognizing the gain. You can do this by:
1. Keeping the policy in force and taking loans on it (this is possible, but can be very tricky in execution).
2. Doing a like-for-like exchange using a 1035 rollover to another life policy or an annuity.
If you later access money beyond your cost-basis, this will be taxable at that time, so you may just be postponing the inevitable, but it's your decision. Talk with a qualified tax advisor if you have more specific questions or if your policy is held in a qualified account. |
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