1099-R for a cash surrender of an old Prudential Life Ins. policy

[tuclaroo50]

I recently did a cash surrender of a Prudential Life Ins. Policy that I had since 1969.

I received a 1099-R from Prudential and the Gross Distribution amount is the same as the taxable amount.

Shouldn't the taxable amount be the Gross Distribution minus the total premiums I've pain in over the years?

And if so, where on my return do I adjust that?

[ThomasM125]

Yes, the taxable amount should be the net of the cash surrender payment and the cost of premiums paid in. It will be difficult to report it properly in TurboTax if the taxable amount reported is incorrect. I suggest you contact Prudential and request a corrected Form 1099-R.