A group term life insurance policy is a policy where the only amounts payable by the insurer are policy dividends, experience rating refunds, and amounts payable on the death or disability of an employee or former employee.
Your employer calculates the taxable benefit and reports it onaT4 slipfor current employees or onaT4A slip forformer employees.
For more information on the calculation, contactthe payer.
Report on line 10400 of your return the amount shown in box 119of your T4A slips.
When you enter the amount into Box 119 in TurboTax, it will automatically put it on Line 10400 for you.
If you are using TurboTax Online, please follow the steps below.
Select Find from the menu, then enterT4A
Select T4A Pension, Retirement, Annuity from the list of results, and then select Go.The T4A - Summary step appears
Select Enter new T4A.The T4A - Pension, Retirement, Annuity, and Other Income step appears
Fill out the form in TurboTax with the information from your slip.In Box 119, enter the amount from your T4A slip (your group insurance contributions)
Select Done with T4A.The T4A - Summary step appears
Review the information on-screen and follow the instructions below that match your situation:
If the information is correct, select Done with T4A Slips
If the information isn’t correct, select Edit next to the slip and correct the information. When you return to this step, select Done with T4A Slips
If you have more T4A slips to enter, select Enter new T4A. When you return to this step, select Done with T4A Slips