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tim_veach63
New Member

We cashed out a Modified Endowment Contract of @$55K with taxable amount in box 2a of $3573.39. Software is showing income of $55K. Can we show the $3573 only? How?

 
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Anita01
New Member

We cashed out a Modified Endowment Contract of @$55K with taxable amount in box 2a of $3573.39. Software is showing income of $55K. Can we show the $3573 only? How?

If you are looking at an income summary, that shows all the income you entered, not the taxable amount.  It's main purpose is to show you what entries you have already made.  You can look at the taxable amount on your 1040 by clicking on Tools on the left and selecting to see your Tax Summary.  Once the tax Summary is up, choose to look at your 1040.

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Anita01
New Member

We cashed out a Modified Endowment Contract of @$55K with taxable amount in box 2a of $3573.39. Software is showing income of $55K. Can we show the $3573 only? How?

If you are looking at an income summary, that shows all the income you entered, not the taxable amount.  It's main purpose is to show you what entries you have already made.  You can look at the taxable amount on your 1040 by clicking on Tools on the left and selecting to see your Tax Summary.  Once the tax Summary is up, choose to look at your 1040.

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