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1099R from variable life policy. All proceeds (gross distribution) was transferred to another variable life policy (purchase) with another company. Taxes on the proceeds?
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If you did a 1035 Exchange, none of the proceeds would be taxable. A 1035 exchange is a provision in the tax
code which allows you, as a policyholder, to transfer funds from a life
insurance, endowment or annuity to a new policy, without having to pay
taxes. If it was a 135 exchange, then the code in Box 7 of the 1099-R would be "6". If you did not do a 1035 exchange, some of the proceeds could be taxable.
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