Comments on: Pennies Saved: Pay Off Bills by Filing Taxes Yourself [INFOGRAPHIC]

By: Jerry Wayne

Jerry Wayne — Tue, 12 Mar 2013 16:42:51 +0000

I received life insurance money from the death of a spouse several years ago which at that time was invested into an anuity. I have cashed in that anuity. What portion is taxable?
I also have whole life insurance now and am thinking of cashing it in for the cash value. Is the cash value taxable as income?

By: Peter

Peter — Fri, 08 Mar 2013 04:41:05 +0000

Ah yes it does, thanks for clarifying

By: TurboTaxLisa

TurboTaxLisa — Fri, 08 Mar 2013 01:32:38 +0000

Hi Peter,
We are just graphically representing what savings can be when doing your taxes yourself instead of going to a tax store and comparing savings to other monthly bills. The savings could be applied any way someone wanted. Your example is correct if you saved a total of $120, you could apply the $10/mo to your broadband bill of $70 or apply that savings to a couple of bills. It would be up to you. The important thing to remember is your saving. Hope this makes it more clear!
Thank you,
Lisa Greene-Lewis

By: Peter

Peter — Wed, 06 Mar 2013 19:34:02 +0000

What are you talking about? are you saying stretched over the year it would save me that much? So for example if my broadband is 70 per month and I saved 120 by filing myself that would make my broadband bill 60/month essentially?

It can’t be that because you guys have cable being knocked down to 40 dollars that’s a $720 savings. I’m sorry I’m just confused on what’s this is supposed to represent