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Level 1

I received a 1099-R form for a cashed in insurance policy. The taxable amount for the distribution (box 2a) was 4814.20Turbotax shows the taxable amt as 23486.70 why?

 
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Level 7

I received a 1099-R form for a cashed in insurance policy. The taxable amount for the distribution (box 2a) was 4814.20Turbotax shows the taxable amt as 23486.70 why?

If your 1099-R has an amount in Box 2a, that is the taxable amount.  The 'total distribution' box in 2b may also be checked. There should also be a Code in Box 7, and there may be an amount in Box 5. 

TurboTax asks some questions about the source of the income and the age of the person who would have received the benefit. You can indicate that the distribution was all RMD, and that regular payments were not received.

Be sure you answered all the interview questions.

Here's more info:

https://ttlc.intuit.com/replies/5181941

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Level 7

I received a 1099-R form for a cashed in insurance policy. The taxable amount for the distribution (box 2a) was 4814.20Turbotax shows the taxable amt as 23486.70 why?

If your 1099-R has an amount in Box 2a, that is the taxable amount.  The 'total distribution' box in 2b may also be checked. There should also be a Code in Box 7, and there may be an amount in Box 5. 

TurboTax asks some questions about the source of the income and the age of the person who would have received the benefit. You can indicate that the distribution was all RMD, and that regular payments were not received.

Be sure you answered all the interview questions.

Here's more info:

https://ttlc.intuit.com/replies/5181941