I have similar but different situation and I am wondering if I can handle it as suggested in your college tuition answer.
I recieved a 1099 from an insurance company after we surrendered that policy at a value of 10K+. The plicy had been passed on ththroguh various companies over 25 years with us paying over 9K in premiums over the years. BUT, the 1099 only shows abasis on 1K (equates to the premiums we have paid them since they took over the plicy) I have explained to them that we had paid much more in premiums over the years and our basis was much higher resulting in only 1K of taxable income ,lrahter than the 9K that they reported. So far no help from them. I have contaced the IRSA and they are sending a "letter" to the company and have filed a complaint with the State Dept of Insurance.
What can I do?
