Life insurance cash out. on 1099R, the taxable amount is listed as 5503.46, but turbo tax shows the gross distribution amount of 10624.96 as income. Why?
Do you have a TurboTax Online account?
We'll help you get started or pick up where you left off.
Life insurance cash out. on 1099R, the taxable amount is listed as 5503.46, but turbo tax shows the gross distribution amount of 10624.96 as income. Why?
Life insurance cash out. on 1099R, the taxable amount is listed as 5503.46, but turbo tax shows the gross distribution amount of 10624.96 as income. Why?
It's all "income", just not all taxable. The total amount is listed on form 1040 line 5a, and the taxable amount on line 5b.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.