Taxes
I paid premiums of $195,666.00 to a life policy, the current cash value is $139,481.00. Will I have to pay taxes if I cancel and collect the cash value?
Terry Says
You need to ask the insurance company if you will receive a 1099, and how much it will show, if you cash it in. That will be taxable income, and if you are on Medicare it could impact your monthly premiums.
