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1099-R for a cash surrender of an old Prudential Life Ins. policy
I recently did a cash surrender of a Prudential Life Ins. Policy that I had since 1969.
I received a 1099-R from Prudential and the Gross Distribution amount is the same as the taxable amount.
Shouldn't the taxable amount be the Gross Distribution minus the total premiums I've pain in over the years?
And if so, where on my return do I adjust that?
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‎January 28, 2025
11:41 AM