Ok - so I did that just now. When it is entered under me, the taxable amount (1040 line 4b) is $4387 less than line 4a (the actual amount that was cashed out). When entered under my husband, there is nothing entered on line 4a, and the full amount of the cash out is listed on line 4b. So - our total taxable income is reduced $4387 when entered as my cash out versus my husband's.
