kohler_rs
New Member

We received a rather large distribution from USAA Subscriber's account. Is this amount taxable?

 
HelenaC
New Member

Retirement tax questions

Please see the answer from a previously posted question: https://ttlc.intuit.com/replies/6734180

View solution in original post

Retirement tax questions

I received a rather large distribution payout of my USAA subscriber account in 2023.  Will I have to report that on my 2023 form 1040?

PattiF
Expert Alumni

Retirement tax questions

The subscriber savings account is considered a return of premium, insurance premium, and not taxable. USAA subscriber savings account distributions are not taxable income for federal or state income tax purposes.  You will not have to report that on the 2023 Form 1040.

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