I cashed out a Whole Life Insur policy. Mutual of Omaha said I don't need a 1099R, that its reportable, but non-taxable (no gain). Where do I enter this on turbo tax?

[JulieH1 · Accepted solution]

If this was a policy on which you paid the premiums, taking the cash value of the policy is not taxable income.

The cash value of the policy is essentially the amount of premiums paid in excess of the cost of purchasing the policy, which is why it builds over time.  As long as you (as opposed to an employer) paid the premiums, you are getting your own money back.

Insurance companies do like to get into giving tax advice so they always say its "reportable."  If they did not send you a 1099-R, it is not taxable and you do not need to include it on your return.