Get your taxes done using TurboTax

DawnC · ‎March 26, 2024

Enter a negative amount in Other Reportable Income. If you need to report income (or an adjustment) not on a tax from, you can enter it in the Other Reportable Income section of TurboTax. Follow the path below to get to that entry spot in TurboTax. All you need to enter is the amount (negative; -2909) and a description.

Personal Taxes/Federal Taxes - depending on what version you are using >>
Personal Income/Wages & Income >>
Less Common Income - last section >>
Miscellaneous Income 1099-A, 1099-C - last section in the list >>
Other Reportable Income - last item in miscellaneous

The surrender of an insurance policy or endowment contract for its cash surrender value, as distinguished from an exchange of policies or contracts, results in taxable income where the amount received on surrender exceeds the premiums or consideration paid. If you are receiving back the premiums you paid in, this is not taxable unless you have taken this premium as a tax-deductible medical expense in previous tax years. @donnasmallory

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