Whole Life Insurance Cashout

If I cashout a whole life insurance policy where would I enter it on my federal tax form?

Hello,

Thank you for your inquiry.

If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy. You should receive a Form 1099-R showing the total proceeds and the taxable part. Report these amounts on lines 16a and 16b of Form 1040.

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