I have done some research into my universal life policy which I have owned since 1998. Here is how I see it, please review and advise on how to manage the 1099R entry in TT.
Policy funded with $61,487 after-tax dollars.
Total Premiums paid for insurance $46,106
Initial funding remaining after premiums, $15,381
Cash-out of policy on 3/1/19, $38,173 (entered on box 1 of 1099R). Taxable gain $22,792.
