Should I report a 1099-R partial deduction from my life insurance policy?

[cllg-1205]

I borrowed $8,000. from my life insurance policy and received a 1099-R listing this amount under gross distribution. On what Turbo Tax section should I report this?

[JulieS]

Yes, you need to report the 1099-R on your return. Here's how to do that in TurboTax Online:

1. Sign in to your TurboTax account.
2. Select Wages & Income.
3. Select Start or Revisit to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R), under Retirement Plans and Social Security.
4. Answer Yes to Did you get a 1099-R in 2023?
5. Follow the screen instructions to enter the 1099-R form.
6. Answer the rest of the questions in the section according to your situation.

When you borrow from an insurance policy, or a retirement plan, a 1099-R is often issued if the loan isn't paid fully and on time, even if it's not your fault.