proceeds of whole life insurance policy


D

Doug

My parents cashed in a long held life insurance policy from
equitable. They did not get a 1099 at year end but the
paperwork with the disbursement check indicated part of if
may be taxable "depending on the investment in the
contract". It appears they paid taxes each year on the
dividends (on sch. B) The check stub had this
disbursement info:

cash value xxx
Dividend accumulation xxxxx
interest on accumulations xxxx
refund of premium xxxx
termination dividend xxxx

check amount xxxxx

I'm guessing none of it is taxable but is anyone familiar
with cash value life ins. proceeds? would the "dividends
accumlation" be taxable ?
 
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