received notification that Life insurance was going to unclaimed funds. Was able to avoid that receiving the funds. Life insurance company mailed 1099-R form reporting gross distribution (Box 1) and taxable amount (box 2a) the same amount. example amount $100,000 would be add to current income taxable $100,000 + yearly income....
Inquire to taxability of beneficiary of life insurance general answer no taxed,,,,,
From the 1099-R life insurance 100% is taxable.
Is this correct?
If so tax payment is do when filing Taxes 2024...
Thank you for any advice
