On my 2023 1099, there is an amount indicated as "deemed premium". Is this amount taxable income? The heading says these items not reported to IRS.

sjkopala-verizon · ‎January 25, 2024

TomK2023 · ‎January 25, 2024

No. This "deemed premium" is for your informational purposes; it is not reported to the IRS as ax taxable amount.

Deemed Premium means the premium amount the Participant would have been required to pay on an annual after-tax basis to the Prior Policy during the Premium Period.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

amdail · ‎April 2, 2024

To be clear, the amount listed on the line "Other Receipts & Reconciliations-Deemed premium" in the section titled Reconciliations, Fees, Expenses and Expenditures on my Combined 1099 from my broker... has no tax impact and is not input anywhere in TurboTax, correct?

SusanY1 · ‎April 9, 2024

Correct.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

On my 2023 1099, there is an amount indicated as "deemed premium". Is this amount taxable income? The heading says these items not reported to IRS.