Yes. The most correct method would be a substitute 1099-R but that won't allow you to e-file. Instead, let's make this really easy. You will want to enter the additional income as Other Income. You will need to subtract out your basis and enter just the gain.
Follow these steps to enter the income:
- go to the federal income section
- scroll to the bottom
- Miscellaneous Income, 1099-A, 1099-C, Start
- Scroll to the bottom
- Other reportable income, Start
- Other taxable income?
- Select YES
- Description - whatever you want to say, something like -Swiss Life Insurance cashed out
- Amount, enter your amount of gain
- Continue
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