Box 1 is exactly the amount I received as a cash out payment on the policy. Box 5 shows the amount of premiums I paid which is more than double the amount of Box 1. I have gone through the interactive tax assistant on the IRS website as suggested by another poster and read through Publication 525. Both of these state the same thing: if what you paid in premiums Box 5 is greater than the amount shown in Box 1, then it is not taxable. To achieve this in TurboTax I have to put a zero in Box 2a contrary to what the 1099-R reports.
