Hi,
I got some income in the years 2019 and 2018 in my foreign bank account. This income is due to the maturity of the life insurance date on which I paid the premiums. How do I report this money to IRS? Do I have to report the exact amount deposited in my account or do I have to subtract the premiums that I have paid for the insurance and report the profit to IRS? I know I have to file an amendment for these but where in turbotax can I provide all the details? Also, is there any penalty that IRS can impose for not reporting this income? I did not report because the total amount was below $10000 in my bank accounts and every time in TurboTax it asks if the money exceeded $10000 in a financial year. Since that was not the case TurboTax simply mentions that I don't have to disclose it to IRS and I move on.
