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Question

Insurance payout on 1099-R. TT says can't use 1099-R.

Forum|Forum|1 year ago
March 19, 2025
1 reply
0 views

Insurance co filed 1099-R for dividend payout. This year TT says type of account should not be used for this distribution. Where should it go?

Dividends earned on a life insurance policy are considered a return of premium for tax purposes. Dividends become taxable when the dividend earned is greater than the total net premium paid. If the dividends earned on your policy in 2024 exceeded the policy’s total net premiums paid they are reported on Form 1099-R. Box 7 of your Form 1099-R, which should have a distribution code of 7 or 1.

What other boxes on your Form 1099-R are filled out (or checked)?

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ND73Author

Account number in lower left box; Amount in box 1 & 2a; 7 in box 7; State/payor's state and number in box 15. No other boxes filled in.

Are you entering the 1099-R in the retirement income section? Did you import the form or did you type it in yourself?

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