I took a partial withdrawal from the cash value of my private life insurance policy. TurboTax asks if this is a qualified or non-qualified plan and lists life insurance as a non-qualified plan. However it also adds "(if distribution is full payment)". Full payment of what? Is this considered a non-qualified plan? The plan is still in effect.
Thanks
A private life insurance policy is a nonqualified plan.
A qualified plan is an employer-provided retirement plan.
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