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No unfortunately the cashing in of a life insurance policy is ordinary income. The form 4972 would not be appropriate for this.
Section 61(a) provides that, except as otherwise provided in the income tax provisions of the Code, gross income includes all income from whatever source derived, including (but not limited to) income from life insurance contracts. § 61(a)(10).
§ 72(e)(5)(A) requires that the amount be included in gross income but only to the extent it exceeds investment in the contract. This is why you have a lower taxable amount than gross.