Any money received that exceeds your cost basis in the policy will be counted as ordinary taxable income.
You will have to determine the total amount of premiums that were paid.
As you go through the questions "Describe the Taxable Amount"
NO a different amount is taxable
You will use the Simplified Rule to enter the taxable amount
- Annuity date is the start date as best as you can determine
- Plan cost is the premiums up to 2019
- Months in 2019 is simply the # of months you paid premiums
- [Continue]
NO, The annuity only covers one person
Answer age question
Taxable amount will have been calculated
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