johnjames9
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Please can one of the experts here help with this! I am in need to get my return done as soon as possible and take it to the post office in the next three hours...
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I see. So only when I take the distribution then it will be taxed again and that could be a day from today or 20 years from today, correct?
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Please can you clarify what you mean by "You can't include the excess amount in the cost of the contract even though you included it in your income"?
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So if my FMV was only $40K, then there are no exclusion amounts for me as the table starts at $52K?
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Please can you explain the step by step process of how you would enter it in TT based on your recommendation of my tax situation as described above.
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