Best Answer

Sounds like a yes to me. Check with your CPA. For more details see

User Avatar

Wiki User

โˆ™ 2015-07-16 19:20:45
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: If you cash in variable policies on your children must you pay taxes if you paid more than you received?
Write your answer...
Related questions

How much do you get back in taxes for children?

I have received 2,000 each to 2 of my children.

Does the beneficiary of a life insurance policy have to pay taxes on the proceeds?

The answer to the question of whether or not beneficiaries have to pay taxes on the money received from life insurance policies is: no they will not have to.

Are payroll taxes variable or fixed?

Taxes are fixed, but may change at anytime.

Taxing and spending policies are called?

government policies deal with taxes and spending are known

Contractionary policies are _____.?

fiscal policies, like lower spending and higher taxes, that reduce economic growth

Do you have to pay taxes on estate money received?

Yes, you will have to pay taxes on any estate money received.

What was Thomas Jefferson's economic philosophy?

His policies were to get rid of taxes.

What are some examples of taxes received by the local government?

state taxes

Do you have to pay taxes on gifts received?


Received a payout from aflac after having policy for 20 years do i have to pay taxes on the money received?

No, not unless you deducted the cost of the insurance on your taxes.

What were President Reagan's economic policies?

Low taxes and cutting government spending.

What did Ronald Reagans economic policies do?

They increased defense spending and lowered taxes

What did Ronald Reagan's economic policies do?

They increased defense spending and lowered taxes.

Do you pay taxes if you are on disability and received a w9?

Being on disability does not exempt you from paying taxes.

Do you have to file unemployment taxes this year?

If you got unemployment in 2012 you do have to file taxes if you didn't have the taxes taken out of the unemployment you received.

Do you have to pay taxes on cash received from welfare?


What types of taxes are included in the Payroll Taxes Expense account of an employer?

It depends entirely on the accounting policies of the company. Generally there are many accounts.

How many children can you claim on your taxes?

Whatever you like if the taxes is big enoguh.

Can you file taxes with your tuition statement?

Hi , i just received my tuition statement can i file taxes

What describes Harding's policies?

They lowered taxes for the businessThey were pro-business.They relaxed government regulation of corporations.They lowered taxes for the rich.

Do you have to pay taxes on money received for services?


Do you pay taxes on money received POD?


What percentage of taxes is paid on 20000?

i received $20,000 as a gift how much taxes do i have to pay on the $7,000 overage

What policies did President Bill Clinton implement during his first term?

Increasing taxes on the wealthy

What happen to the average variable cost curve when there is a reduction in business property taxes?

There will not be any change.