Life insurance

[Mzar1]

I had a universal life policy that has lapsed. I had an outstanding loan of 15,456.55 . Total premiums I paid through out the years is 16,760.00  I received a 1099R , Box 1 is 15;456.55 box 2a is 14,153.10 box 5 is 1303.45. Box 7 distribution code 7. My question is  should the taxable amount  be the amount of premium paid minus the loan amount. 

[DianeW777]

It depends. It's likely the taxable amount is the loan amount plus any earnings you may have accumulated from your investment. The real answer must come from the insurance company. It may be possible for you to review your own records depending on the time frame of holding the policy.