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Hi, My name's Lane, I can help here.
PS 58 (called table 2001 costs now) represents the cost of insurance (essentially the term premium cost) fo a policy, given a certain death benefit.
The way this is typically done if employer paid is the PS 58 costs are included in the wages on your W-2 for the tax year in question.
You'll then see an informational notation for the ps58 cost in box 14.
If not, then you may get a 1099-R with a code 9, and will then enter on line 16a and b on the 1040
line 16a is the total amount of cash, 16b is the taxable portion (cash value in excess of ps58 costs)
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