Awesome! Thx Dana.
I understand your response. One question though is will you please clarify your statement below?
“You can't include the excess amount in the cost of the contract even though you included it in your income.”
did you mean I can’t include the excess amount in our cost basis? I don’t understand what you meant by contract.
Other than that, thanks again. Very helpful, BTW, the $2131.65 is getting returned from her tax deferred 457. So I will report that as other income.
