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  1. S

    Borrowing from whole life policy and taxes 1099-R

    @qity Thank you I appreciate it!
  2. S

    Borrowing from whole life policy and taxes 1099-R

    @qity Thank you for your reply. The name of the policy is "Single Premium Whole Life". Forgive me but I am naive on this topic. How would I find out If the policy is an MEC exactly?
  3. S

    Borrowing from whole life policy and taxes 1099-R

    I have a tax-related question that centers around a $50,000 loan my wife and I took out in 2023 from her whole life insurance policy, which originally involved a one-time premium payment of $50,000 in 2016. The base cash value at the time of borrowing stood at $59,500, plus $2,200 in paid-up...
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