Since you received form 1099-R for your life insurance, your cash value payout exceeded the contributions... the excess is reported as taxable income through form 1099-R and should be reported as such on your tax return: Here is data entry for 1099-R: Federal Taxes Wages and IncomeScroll down to Retirement Plans and Social Security Select IRA, 401(k), Pension Plans (1099-R)Note: if you believe you have no excess on the payout, you may want to call theadministrator and verify.

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ivy

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Life insurance 1099r

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MargaretL

Alumni - Intuit

Since you received form 1099-R for your life insurance, your cash value payout exceeded the contributions... the excess is reported as taxable income through form 1099-R and should be reported as such on your tax return:

Here is data entry for 1099-R: