I have foreign endowment insurance income. I followed the procedure to enter "Other Reportable Income" for this income, as shown below. Then, when I come to the section reporting my foreign accounts. I need to file Form 8938. I selected "Other Income" and enter the account for "Amounts Attributable to Foreign Financial Accounts". Then, it asked me to enter the "Schedule and Line" for this "Other Income". The example showed by TurboTax is "Form 1040, Line 21". However, I checked another post (
https://ttlc.intuit.com/community/taxes/discussion/how-do-i-report-foreign-life-insurance-policy-sur...), it says that it should be "Schedule 1, Line 8".
So, my questions are:
1. Should I choose "Other Income" for this type of insurance income when reporting my foreign financial account?
2. If yes, then, which schedule and line should I enter, "Form 1040, Line 21" or "Schedule 1, Line 8"?
Thank you very much.
Click on Federal
Click on Income & Expenses
Scroll to the bottom of the "Your income and expenses" page, and click on "Less Common Income"
Click on "Show more"
At the bottom of the page, next to "Miscellaneous Income..." click on Start/Revisit
Other reportable income - click on Start, then answer Yes
Give a description and enter amount of income from the policy surrender
This amount will also be reported on line 8 of Schedule 1 (Form)
