1099 R life insurances

[OverTheHill1999]

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 

[AmyC]

Life insurance as a beneficiary of a claim, would not be taxed. If this was your life insurance that you have been paying into and you had built up an excess over premiums paid, it is taxable.

See Life insurance & disability insurance proceeds - IRS.

[OverTheHill1999]

Thank you AmyC,  when you state taxable would that be only the excess amount or total amount received? The 1099-R form shows total amount as taxable. I'm confused about life insurance is not taxed.  I follow if life insurance policy is not cashed at time of death and accurse interest.  The interest acquired from date of death is taxable but not the total sum.  The way the 1099-R is reporting total amount would be added to annual income and be taxed.....    Then life insurance 100% taxed?????   I'm sure that I'm missing something here....   

[Vanessa A]

What is the code in box 7?  

Generally, the taxable amount would be the amount you received MINUS the amount you paid in.  

[OverTheHill1999]

Thank you Vanessa A, box 7 code 4 death.

Only when the Life Insurance policy is funded by the beneficiary would not be taxable? That would not be included it in ones annual income for taxes.

Beneficiary Life Insurance policy from one that they did not setup and contributed to 100% taxable?  Included in ones annual income for taxes.

Thank you dealing with the general public.....

[DawnC]

The 1099-R you have is taxable to the payee, beneficiary.   Where do I enter a 1099-R?