ILLMAS Posted February 17, 2011 Report Posted February 17, 2011 I have husband and wife that took out thier money from what it seems a life insurance policy, however box 7, has a 7 as a distribution code "Normal Distribution" the funny thing is the couple is under 50 years of age. I'm I missing something here, or is that how a life insurance cash out work, both TP contributed money towards the policy, however they are being tax on the gain only, but not getting hit with the 10% early withdraw penalty. I would appreciated is someone can assist me on this one. Thanks Quote
ILLMAS Posted February 17, 2011 Author Report Posted February 17, 2011 Never mind, TP both surrender their policy so it's correct. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.