income from life insurance from foreign country

[rajpbg]

Hi,

I got some income in the years 2019 and 2018 in my foreign bank account. This income is due to the maturity of the life insurance date on which I paid the premiums. How do I report this money to IRS? Do I have to report the exact amount deposited in my account or do I have to subtract the premiums that I have paid for the insurance and report the profit to IRS? I know I have to file an amendment for these but where in turbotax can I  provide all the details? Also, is there any penalty that IRS can impose for not reporting this income? I did not report because the total amount was below $10000 in my bank accounts and every time in TurboTax it asks if the money exceeded $10000 in a financial year. Since that was not the case TurboTax simply mentions that I don't have to disclose it to IRS and I move on.

[DaveF1006]

If you amend your 2019 and 2018 returns, here is how you enter these.

1. Go to federal>income and expenses>all income>>show more 
2. Less Common Income> Start
3. Miscellaneous Income,>start
4. Other reportable income>start
5. Next screen asks Any Other Taxable Income>yes
6. The next screen will allow you to report the income with a brief explanation.
7. Enter this as Foreign Life insurance Maturity Proceeds
8. Life insurance premiums are not deductible for domestic or foreign life insurance policies.

[Edited 03-15-2021|07:17 PM PST]