best answer > What are the tax consequences of cashing in a life insurance policy 2024?- QuesHub | Better Than Quora

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

    premiums excess premiums

    Questioner：Isabella Wood 2023-05-07 11:59:11
The most authoritative answer in 2024

  • Charlotte Harris——Studied at University of Oxford, Lives in Oxford, UK

    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.read more >>
    +119962023-05-08 11:59:11

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