I cashed out my life insurance policy and received a 1099R. Turbo Tax keeps referring to this as a retirement plan but it wasn't. Should I be concerned?

I'm not of retirement age yet and haven't pulled funds out of retirement accounts. I only closed a life insurance policy and want to be sure I didn't make an error.

posted

Please check what is entered in box 7 of the 1099-R. This indicates what the distribution was for. 1099-R Box 7

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Is there a known error concerning form 760PY, refering to Code 20-amount (TP)? I have tried and failed several times to set the value to 0 since no credit is being claim

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I cashed out my life insurance policy and received a 1099R. Turbo Tax keeps referring to this as a retirement plan but it wasn't. Should I be concerned?

I cashed out my life insurance policy and received a 1099R. Turbo Tax keeps referring to this as a retirement plan but it wasn't. Should I be concerned?

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I cashed out my life insurance policy and received a 1099R. Turbo Tax keeps referring to this as a retirement plan but it wasn't. Should I be concerned?

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I cashed out my life insurance policy and received a 1099R. Turbo Tax keeps referring to this as a retirement plan but it wasn't. Should I be concerned?

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