Category Archives: Life Insurance

Overpaid Life Insurance

Today TaxMama® hears from Kresha in the TaxQuips Forum, with this problem.  “My friend received a 1099-Misc for money from a life insurance company. They said they overpaid her when her husband died, but didn’t supply any proof; nor did she send any money back to them. Now she has received a 1099-Misc – box […]

Life Insurance

Today TaxMama® hears from Hernandez in the TaxQuips Forum with good question. “I am one of two partners in a architecture service partnership. We are considering using life insurance, specifically whole life, as a way to save excess cash and lower our taxes. Are payments for insurance considered business expenses for a partnership? What is […]

Loss on Surrender

Today TaxMama hears from Karla in the TaxQuips Forum, with this question.  “Is the loss on surrender of life insurance deductible on 1040?”

Ask TaxMama Issue 554 – Memorial Day Weekend

Dear %$firstname$% It’s already Memorial Day Weekend! Remember to remember the folks who make our way of life possible. And offer more than just the obligatoru barbeque – offer thanks to all those who serve, or have served! You may have noticed yesterday that the website was down. This has been a week of external, […]

IRS News – Is this Income Taxable?

While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all. To ensure taxpayers are familiar with the difference between taxable and non-taxable income, the Internal Revenue Service offers these common examples of items that are not included in your […]