David Posted April 8, 2011 Report Share Posted April 8, 2011 TP has a 1099-R from an insurance company. Box 1 gross distributions are $171K. Taxable amount in box 2a shows zero. Nothing is checked in box 2b. Box 5, reports insurance premiums as $140K. Box 7 reports a code 6. Per the IRS instructions the taxable portion should be indicated in box 2a. If the taxable amount can not be determined then box 2b should be checked. Is none of this taxable since box 2a shows $0? Or is $31K taxable which is the difference between the gross distribution minus the $140K insurance premiums? Thanks. Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 9, 2011 Report Share Posted April 9, 2011 Isn't Box 6 for a 1035 exchange? If so, I think the 0 in the taxable income box is correct. Quote Link to comment Share on other sites More sharing options...
David Posted April 9, 2011 Author Report Share Posted April 9, 2011 Thanks - I wanted to be sure. Have a great week going into the home stretch. Quote Link to comment Share on other sites More sharing options...
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