Sold Swiss Life annuity - no 1099R/B - how to enter into Premier?

Forum|Forum|1 year ago
January 2, 2025
1 reply
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I've been filing FBARs since the law change on a policy opened in the late 90's. It was supposed to start paying me income in 2027, but I chose to just sell the policy this past year 2024. So, per the usual I will file another FBAR(for the last time!) since I owned it for a few months in 2024. Swiss Life was awful to deal with once I notified them I was selling like pulling teeth to get anything done up to and including sending my money in a timely manner. No 1099R/B ever sent, but I do have the original policy certificate, amount paid and obviously the liquidation value wired to my account upon sale.

Been using Premier now since 2012 doing my K-1's like a breeze and other investments easily imported so nice love TT. However this annuity sale with no accompanying documents from Swiss Life is making the task quite challenging for me.

Is this doable to enter all the pertinent info on the sale of this policy so I can pay the ordinary income tax on the gain and report it properly? I have the cost basis and gain calculated just unsure where I need to plug all these numbers in. Would be thrilled if this is straight forward and one of the pros here could guide me along please.

Thanks

AmyC

Employee

Yes. The most correct method would be a substitute 1099-R but that won't allow you to e-file. Instead, let's make this really easy. You will want to enter the additional income as Other Income. You will need to subtract out your basis and enter just the gain.

Follow these steps to enter the income:

go to the federal income section
scroll to the bottom
Miscellaneous Income, 1099-A, 1099-C, Start
Scroll to the bottom
Other reportable income, Start
Other taxable income?
Select YES
Description - whatever you want to say, something like -Swiss Life Insurance cashed out
Amount, enter your amount of gain
Continue

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lowtidesnookAuthor

Just to clarify once more b/c I'm a dummy please.

Even though this 'should' be a 1099R, but Swiss Life isn't cooperating I can just enter this as other income? I also have to file and FBAR this year since I did own it for a few months. No issues there potentially? Just want ot make sure I'm not screwing this part up along with FBAR reporting which is a royal pain. Thank you again.