Life insurance company on a 1099r the gross distribution in 1 shows up and not the taxable amount 2a . what have i done wrong?

[MichaelDC]

What's the code in Box 7?

[rkeasterday]

7 ordinary distribution

[MichaelDC]

And your 1099-R Box 2a is blank or 0?

[rkeasterday]

no it is about half of the value in 1

[MichaelDC]

Great thanks.

[MichaelDC · Accepted solution]

The taxable amount of the distribution is less than the gross distribution because a portion of the distribution was a nontaxable return of premiums.  The amount attributable to a return of premiums will probably be shown in box 5 of the Form 1099-R.

Enter the 1099-R exactly as shown on the printed form. If there's any more info that TurboTax needs, you'll have some follow up questions.

A life insurance policy is a non-qualified plan.

You can read a little more about this from SuperUser dmertz: https://ttlc.intuit.com/questions/3045458

Please feel free to post any additional details or questions in the comment section.