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I cashed in a life insurance policy, and had taxes withheld from the distribution. I received a 1099-r form documenting this. Should it show as retirement income?
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Yes, that is how a life insurance policy distribution will be reported. Follow the steps below to enter your 1099-R:
Here's where to enter your 1099-R in TurboTax:
- Open or continue your return.
- In the Federal section, select Wages & Income.
- Scroll to locate Retirement Plans and Social Security.
- Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).
You can also find the 1099-R section using Search. Open your return, enter 1099-r in the search bar, and select the Jump to 1099-r link.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
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