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Does anyone know if a veteran who has a VA matured endowment life insurance policy with a policy number that begins with a "V" (Veteran's Group Life Insurance "VGLI"), and has reached the age of 96, has to pay tax on a lump sum one-time proceeds payout? The amount being paid is approximately $60,000 on a $10,000 insurance policy. The veteran has continued to pay premiums throughout the life of the policy, and has reinvested the dividends paid on the policy.
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This is a Duplicate. You previously asked, here:
No need to keep asking as a new topic. I will flag this for removal.
Don't yell at us; we're volunteers
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I posted this question a second time because I didn't see any responses from anyone. I thought the question might have been overlooked.
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Patience grasshopper.
The more I know the more I don’t know.
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"I thought the question might have been overlooked."
Well, I recognized it right away, and thought, "How about that? Someone has the same question that @Ekhaterina asked previously." And then I noticed it was you, again... 🙂
This is a community of peer users volunteering to be helpful. You might have a question that isn't something anyone here has run into. Have you contacted the VA or a military resource?
No offense to the people here, but no way this is a big enough pool of people to know everything.
Don't yell at us; we're volunteers
