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I received a form 1099 R for the proceeds of a life Insurance spolicy surrender. Should the taxable amount be entered on line 16a on Form 1040? Also, would form 4972 be applicable as i was born in 1921?

The taxable amount goes on line 16b, and if the whole distribution is taxable then leave line 16a blank.

Because this is not a distribution from a retirement fund, Form 4972 does not apply.

Karl, AARP Tax-Aide volunteer
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