To enter your Viatical Life Insurance Investment follow these steps.
- With TurboTax open select Wages & Income click on I'll choose what I work on
- Scroll down to Less Common Income and select Miscellaneous Income, 1099-A, 1099-C
- On the next page, select Other reportable income
- On the page, Other Taxable Income enter Viatical Life Insurance Investment in the description.
This will put the income on Schedule 1 Line 8 of your Form1040, as required by the IRS. You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
