Report your Matured Endowment Payment under Other Reportable Income as follows:
Go
to Federal, then Wages and Income. From there, choose Less Common Income. Once in this section, choose Miscellaneous Income and then Other Reportable Income.
On the next page, you will enter the description of the income, Matured Endowment Payment.
Next, you need to enter the amount that is taxable, $62.76. (See below for further explanation)
According to IRS Publication 554, "
Endowment proceeds paid in a lump sum to you at maturity are taxable only if the proceeds are more than the cost of the policy. To determine your cost, subtract from the total premiums (or other consideration) paid for the contract any amount that you previously received under the contract and excluded from your income. Include in your income the part of the lump-sum payment that is more than your cost.
Per the information you provided above, if the the cost of your contract was $1,000, plus you had paid-up additions of $3,440.64, and the lump-sum payment was $4,503.40, then the difference ($62.76) would be taxable income.
