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jdavisrn
Returning Member

Do I claim interest paid on a life ins loan as both income and interest since I got a 1099R and it was a special kind of loan

 
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1 Reply
Vanessa A
Expert Alumni

Do I claim interest paid on a life ins loan as both income and interest since I got a 1099R and it was a special kind of loan

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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