A full-time life insurance sales agent whose principal business activity is selling life insurance or annuity contracts, or both, primarily for one life insurance company, is typically treated as a statutory employee. See this IRS webpage for more information.
If you are a statutory employee, you report your income and expenses related to statutory employee income on a Schedule C, Business Income and Loss. Enter your statutory employee income from box 1 of Form W-2 on line 1 of Schedule C and check the box on that line.
Please see this thread for further discussion of this issue. You would need either TurboTax Self-Employed/Premium or TurboTax Home and Business in order to show income and expenses on Schedule C.
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