If you didn't receive a 1099 to report your life insurance surrender, the only taxable portion is the earnings over the amount of premiums you paid in.
Here's how to enter your earnings in TurboTax:
- In TurboTax, open your tax return
- Click on Federal in the left-hand column, then on Wages & Income
- Locate the section Investments and Savings
- Click Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
- Answer Yes to the question: Did you sell any investments?
- Answer No to the question: Did you receive a form 1099-B or brokerage statement?
- Select Other from the list of investments.
- Follow the TurboTax interview to enter your information.
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