You'll have to pay tax on the full amount.

But don't forget that you only pay interest on the amount you actually borrow.

Of course, you have to pay income tax on the amount received if you do not roll it over.

You just pay income tax on the full amount at the very end when you finally pull out the money in retirement.

Naturally, in this example, the investor would choose to pay taxes on the lesser amount, $608.

They will, however, have to pay a 20% tax on the total amount of their payment.

Tenants, however, are responsible for paying income taxes on the entire amount, including the landlord's share.

You may, however, have to pay taxes on the amount that is discharged.

Those with family policies exceeding $15,000 in value would have to pay taxes on the excess amount.

Interest was paid on the amount outstanding until the bill could be paid.