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Colmatt
Level 5
February 17, 2020
Solved

Cash in whole life policy employer paid

  • February 17, 2020
  • 6 replies
  • 45 views

Considering cashing in whole life insurance policy for $30,000.  Company paid for $60 a month for 45 years.  Company closed few years ago. Never indication on W-2 if included in wages.  Taxable or assume in wages?  

This topic has been closed for replies.
Best answer by Colmatt

Thanks Lisa....Lost in some respects, but so happy to have the help of everyone here to set me straight.

 

 

6 replies

IRonMaN
IRonMaN
Level 15
February 17, 2020

Why don't you check with the insurance company to see how much of it is taxable?

Slava Ukraini!
    qbteachmt
    qbteachmt
    Level 15
    February 17, 2020

    @Colmatt 

    Whose income tax return are you working on, using ProSeries? Or, are you lost on the internet?

    Don't yell at us; we're volunteers
    ColmattAuthor
    Level 5
    February 17, 2020

    Not working on one.  Planning ahead for someone.  

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