The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/surrendered-life-insurance-policy-12268800.aspx

Subject:  Surrendered Life Insurance Policy Date:  3/24/2000  12:16 AM
Author:  fetchit Number:  32479 of 121095

I recently surrendered a life insurance policy. Since the cash I recieved exceeds the premiums paid on the account; I understand that I will have to report the difference as "ordinary" income. Where exactly (line # on Form 1040) would I report this amount? Will I have to fill out any other forms, schedules, ect.?

Thanks for you help.
Paul
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us