No, the interest paid on a life insurance policy is not deductible if you paid it.
If you received the interest, it is taxable income. If it was included on the 1099-R, then that is all you need to do.
If it was not included on the 1099-R, then you would enter it by clicking the following:
- Federal
- Income
- Show more next to Interest and Dividends
- Start next to interest on 1099-INT
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