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April 12, 2024
Question

Life insurance cash out. on 1099R, the taxable amount is listed as 5503.46, but turbo tax shows the gross distribution amount of 10624.96 as income. Why?

  • April 12, 2024
  • 1 reply
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1 reply

Employee
April 17, 2024

It's all "income", just not all taxable.  The total amount is listed on form 1040 line 5a, and the taxable amount on line 5b.