Legal Question in Tax Law in Massachusetts

insurance policies

i am about to surrender a life insurance policy.

do i have federal income tax taken out when i surrender or not?


Asked on 11/06/08, 9:02 am

1 Answer from Attorneys

Re: insurance policies

When you surrender the policy they will issue you a 1099, a Portion of the Money you get will be taxable, some as dividends and some maybe as capital gain.

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Answered on 11/06/08, 12:22 pm


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