I had a universal life policy that has lapsed. I had an outstanding loan of 15,456.55 . Total premiums I paid through out the years is 16,760.00 I received a 1099R , Box 1 is 15;456.55 box 2a is 14,153.10 box 5 is 1303.45. Box 7 distribution code 7. My question is should the taxable amount be the amount of premium paid minus the loan amount.
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