1099-LS, is it supported in turbotax. are the proceeds taxable?

387

Expert Alumni

Feb 9, 2020 4:58:50 PM

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