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    chloe1finn's Avatar
    chloe1finn Posts: 1, Reputation: 1
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    #1

    Jul 15, 2015, 08:33 AM
    Tax wittholding when surrendering life insurance
    I am doing a cash surrender of a life insurance policy. Should I let the insurer withhold the tax or should I elect NOT to go that route and wait until I get the 1099 and then pay the tax due at the time I file my tax return?
    ma0641's Avatar
    ma0641 Posts: 15,681, Reputation: 1012
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    #2

    Jul 15, 2015, 09:40 AM
    What type of life policy? You would only be liable for taxes on any investment gain, not what you put in.

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