yes, yes, no always was current, yes revalued and now that is your new cost basis, yes submitted FMV to custodian, yes once the value was changed I removed the asset from IRA at the new value, the ownership does not change to Magna (still you, but recorded there) yes I paid the tax due according to the 1099R issued by my custodian.
Your next group, if you revalued, what you paid means nothing now, the new value when you removed from IRA is your new cost basis and you add any premiums paid since then.
When I did the line 21 other income, I said cost of insurance policy payout from (entered trust id number).
Turbo tax will show how to do substitute 1099-r, this is form 4852.
leave your email here or a phone number, i'm happy to call. I would do it, but don't want to answer 10,000 calls. Good luck
