After entering Life Insurance 1099-R data, the entire amount from box 2a shows up as income even though the amount listed in box 5 should reduce this? What am I doing wrong??
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If the amount in Box 2 is the same as the amount in Box 1 then the full amount is taxable even though you made contributions that were after tax. Those after tax contributions have already been distributed.
The payer will have already reduced the amount in box 2a by the amount in box 5. Expect to see that box 2a plus box 5 equals box 1.
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