Skip to main content
April 19, 2023
Question

I borrowed from my insurance policy and is reported as income. How can I report this as income in Turbo Tax?

  • April 19, 2023
  • 1 reply
  • 0 views
No text available

1 reply

DawnC
Employee
April 19, 2023

A life insurance loan is typically not taxed.   But, if you surrender your policy or the policy lapses, you will have to pay taxes on gains made through investments and your outstanding loan will be deducted from your payout.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"