Question

Surrendered life insurance reporting

Forum|Forum|1 year ago
January 24, 2025
1 reply
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How exactly to I enter taxable gains for a surrendered life insurance policy?

Seems it is on 1099-R but I do not see where this is on online TurboTax.

TurboTax Basic Windows

Employee

Yes, a1099-R is used to report a gain between the payout and the premiums. It is most common for retirement income. It is entered in wages and income. Follow these steps:

Review and edit your income section.

There is a search box under your income. Type 1099-R and you will see retirement come up.

Select retirement plans and enter your form.

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T

trb94611

Is it "Qualified" or "non-Qualified"?

B

BrittanyS

To be considered qualified, they must meet the following criteria:

Be paid by an American company or a qualifying foreign company
Be paid between January 1, 2024, and December 31, 2024
Meet the holding period requirement for the stock—the holding period is at least 60 days during the 121-day period that begins 60 days before the ex-dividend date (the day after a company announces its dividend payments to shareholders)

@trb94611

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