Our insurance company issued us a 1099-R because a portion of the total premium paid for the Long Term Rider.
On the 1099-R, Box 1 has a dollar amount listed as a gross distribution. Box 7 has a "W."
The insurance company communicated that "W" means that we don't have to report the dollar amount (listed on 1099-R Box 1) on our tax return.
Is this accurate?
Or should we input this 1099-R into our taxes?
Thanks!
