Yes this is a reportable taxable event in Turbo Tax. To report it go to.
Please follow the instructions below to report your cash (check) income on Schedule 1:
- Click Federal > Wages & Income>all income>
- Go to the last selection, Miscellaneous Income and click Start
- Go to the last option, Other reportable income and click Start
- When it asks, "Any other reportable income?" Start and then type in a description and the amount to report it on your tax return.
- in this case you would type 1099 LS -reported Life insurance Sale and the amount
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