In processing the 1099R for cash out of a variable Universal Life Insurance policy, TT is not prompting me for funds paid in excess of the premiums. TT is only asking about Annuity and Pension payouts which is not what this 1099R was issued for. How can I get the insurance policy cost basis information input to calculate the taxable portion of the payout? Note that box 2a is blank and 2b is checked for taxable amount not determined. The issuer of the 1099R told me that my tax professional needs to determine how much of the policy cash-out is taxable. Where do I go from here?
