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1099R with now cost basis
If someone can help me, I can help over 10,000 people who have the same problem. I got a 1099-r on a fractional interest in a life insurance policy I purchased from life partners, who filed bankruptcy and has since emerged. Box 1 is complete, Box 2 is yes, Box 7 is seven. The trustee for the estate collects the death proceeds and then distributes your pro-rata portion. He says that he doesn't trust the companies books when it comes to cost basis and how much extra you paid in premiums - he further adds, go talk to a tax professional. Currently I simply enter the 1099-r in turbo and then on line 21 I enter a negative amount for the cost basis. Can someone tell me how to resolve? I thank you all in advance
‎June 28, 2018
8:10 AM