It depends. If you decide to use Turbo Tax in 2024, don't use substitute 4852. Instead report this as other income to satisfy the filing requirements for both the federal and state levels. To report.
- Log into your account
- Select Wages and income
- Less Common 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. Here you can call this a Foreign Insurance Payout and then the amount of the payout.
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