Sunday, April 3, 2011
I cashed out my life insurance my mother had on me. How do I file it with my taxes?
I cashed out the value. They sent me my check. On the gross distribution it shows the amount I got. On the taxable amount it shows what was actually taxable. Then of course they took out federal taxes on that taxable amount. My question is when I efile Ho do I file my form the life insurance sent me? Another question is when I go to say how much I made for the year do I have to put in the gross distribution or do I only put in that I made the taxable value. Meaning do add into my income the face value of the cash surrender or only the amount that was actually taxable? Any help?
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