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?
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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?
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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