Talk of The Villages Florida - View Single Post - Problem understanding 1099-R and 1099-INT re life insurance proceeds.
View Single Post
 
Old 02-25-2023, 07:04 PM
CoachKandSportsguy CoachKandSportsguy is online now
Sage
Join Date: Jan 2019
Location: Marsh Bend
Posts: 3,698
Thanks: 650
Thanked 2,691 Times in 1,315 Posts
Default

ERROR: The request could not be satisfied

I am not a licensed tax professional, but I have worked with several tax professionals and have discussed various tax issues with them, so I am familiar with most of the tax concepts with filing, and file many different types of tax returns personally.

The above website describes the basic concepts of the 1099r associated with insurance or annuity distributions:

If at the time your policy lapsed there was an outstanding loan and a taxable gain, you would receive a Form 1099-R. While a policy is active, generally any cash loans or loans to pay premiums would be considered non-taxable. When a policy terminates or lapses, any outstanding loan on a policy with a gain is considered a distribution and becomes a taxable event.


The cause of the tax is the loan outstanding and unpaid interest charged on the loan. You do not present any reason for the loan, so I can't make any judgements on whether the brother took the money from your wife, or for your wife's mother.

good luck. . .

finance guy