We stopped the life insurance policy on me, last year, and received the Cash Value of the policy. On my 1099-R from the insurance company:
Box 1, shows a gross distribution of $14,949.40.
Box 2, Taxable amount, does not have an entry; blank.
Box 2b, Total Distribution box is checked
Box 7, 7 is entered and there are no other codes (e.g. M)
Box 15, my state and payer's state no. have an entry
That said, what area of Turbotax do I make the entry into (i.e. which income, if appropriate)?
Based on the 1099-R, it doesn't appear the money is taxable. How do I ensure this doesn't affect my taxes?
Lastly, I closed a couple of other insurance policies, but they were much smaller cash values. Consequently, 1099's were not issued. How do I address these?
Thank you
