ILLMAS Posted February 17, 2011 Report Share Posted February 17, 2011 I have husband and wife that took out thier money from what it seems a life insurance policy, however box 7, has a 7 as a distribution code "Normal Distribution" the funny thing is the couple is under 50 years of age. I'm I missing something here, or is that how a life insurance cash out work, both TP contributed money towards the policy, however they are being tax on the gain only, but not getting hit with the 10% early withdraw penalty. I would appreciated is someone can assist me on this one. Thanks Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted February 17, 2011 Author Report Share Posted February 17, 2011 Never mind, TP both surrender their policy so it's correct. Quote Link to comment Share on other sites More sharing options...
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