Article Date:
March 2014

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Big Mistake with Life Insurance Policy

Boyd and Janice Black received a surprise 1099.


It showed $109,567 in taxable income.


At first, the Blacks ignored the 1099 and its $109,567 in taxable income.


About a year later, the Blacks had second thoughts (perhaps prompted by the IRS) and filed an amended tax return, but they did not include the full $109,567 as income.


With the amended return, the Blacks attached a check for $4,775. The IRS did not accept or process the amended return, but it did cash the check ... Log in to view full article.

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