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Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3151
Experience:  EA, CEBS - 35 years experience providing financial advice
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I have received a 1099-R form from XXXXX XXXXXcock ...

Resolved Question:

I have received a 1099-R form from XXXXX XXXXXcock Variable Life Ins. it has 1. Gross distribution of $7,498 & 5. employee contributions/insurance premiums of $6,815.42 This might be a stupid question but do I put this on my tax form if so where?
Submitted: 8 years ago.
Category: Tax
Expert:  Bill replied 8 years ago.
Was this a distribution from a retirement plan, a nonqualified annuity contract, or the surrender of an insurance policy? Is there an amount in box 2a and what is the code in box 7?
Customer: replied 8 years ago.
Reply to Bill's Post: Change in insurance policy

box 2a - .00

box 7 - code 6
Expert:  Bill replied 8 years ago.
No, you are not required to enter this on your tax return. It is a tax-free exchange of life insurance. The IRS also receives a copy of the form and the code 6 identifies it as a tax-free transaction along with the $0 in box 2a (taxable amount).
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