You would enter the gain from the policy as taxable income. The gain is the amount of the surrender minus the premiums paid. Here is how to enter.
- Log into your account
- Select Wages and income>other income
- Miscellaneous Income, 1099-A, 1099>start
- Scroll to the bottom of the page to Other Reportable Income
- Other taxable income, answer yes
- Then give a brief description of the income and the amount listed.
- You would list this as "Gain From Surrender of a Life Insurance policy" and then the amount of interest paid (gain) over and above your premiums paid.
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