I cashed out a life insurance/annuity this year and received a 1099-R from the company. The total amount of the distribution from box 1 is being included on line 4b IRA distributions b Taxable amount as well as the smaller taxable amount from box 4 on line 5b. Why is this? I don't think that I should be taxed on the total as well as the smaller taxable amount (which was included in the total) Box 7 distribution code is 7, the IRA/SEP/SIMPLE box is not checked.
