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Taxable Income of life insurance that is cancelled
When I enter my 1099R box 1 is the total amount distributed. Box 2A shows the taxable amount. I entered the entire 1099R which also shows the basis in the contract in box 5. Why does Turbo tax show both the taxable and the non taxable(basis) as income? Is it a glitch in the program?
March 26, 2025
6:00 PM