User talk:Pivy
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[edit]
life ins policy
I just posted part of the answer to the original thread. He should have a basis in the policy - the total of premiums paid. Kevinh5
[edit]
10% penalty doesn't apply to life insurance contracts
even though they are reported on a 1099-R. Taxpayer has burden of proof to show that it was a life policy and not an annuity or retirement account, if audited. Maybe attach an explanation. Kevinh5 Info also posted to original thread.
