Summary of H.J.Res.88 - 114th Congress (2015-2016): Disapproving the rule submitted by the Department of Labor relating to the definition of the term Fiduciary. Loc.gov
If my clientâs policy matures prior to the insuredâs death, the policy will typically pay out its cash value. How will this sum be taxed? If the policy matures prior to an insuredâs death, it ceases to be life insurance and is treated as a taxable distribution. As such, the cash value will be taxed as ordinary income to the extent it exceeds the taxpayerâs basis into the policy (i.e., the sum of after-tax premiums) .
Social Security is taxable when your provisional income exceeds abase amount of $25,000 for single taxpayers and $32,000 for married/ head of household taxpayers. Up to 50%, bâ¦ut no more than 85%, ofyour Social Security benefits can be taxable in a calendar year.