I received income from termination of a life insurance policy. included was termination dividend amount and unused reduction dividend amount. where do I report this?

bobbrousseau — Wed, 05 Jun 2019 18:48:51 GMT

Did you receive a 1099-R or some other tax reporting docu...

Carl — Wed, 05 Jun 2019 18:48:53 GMT

Did you receive a 1099-R or some other tax reporting document for this?

no

bobbrousseau — Wed, 05 Jun 2019 18:48:54 GMT

Then you have nothing to claim or report. Generally, a li...

Carl — Wed, 05 Jun 2019 18:48:56 GMT

Then you have nothing to claim or report. Generally, a life insurance policy is paid for with after tax dollars, making that policy a "product" that you own. If it's a standard whole life policy, then when you "cash out" the policy you are basically refunded a portion of what you paid in. That money you are refunded is money you already paid taxes on in the past. So it's not "income" you have to claim. It's a return of money you already paid taxes on. So there's nothing to claim or report then.
Now there are some types of these whole life policies where your "deposits" earn something in the form of dividends, interest or some other type of gain. If this is the case, then the gain is taxable income in the tax year you cash out and receive that gain as a part of your already taxed "investment principle". If that is your case, then the payor will send you the appropriate tax reporting document for the amount of the taxable gains you're required to report, claim and pay taxes on.
If you believe that you "should" have received a tax reporting document of any type, then you'll need to contact the insurer or agent for confirmation or clarification on why they did not send one. Maybe they didn't have the correct address to send it to? Could be anything.

Re: Did you receive a 1099-R or some other tax reporting docu...

djgreaves — Sun, 16 May 2021 20:46:21 GMT

topic I received income from termination of a life insurance policy. included was termination dividend amount and unused reduction dividend amount. where do I report this? in Get your taxes done using TurboTax

I received income from termination of a life insurance policy. included was termination dividend amount and unused reduction dividend amount. where do I report this?

Did you receive a 1099-R or some other tax reporting docu...

no

Then you have nothing to claim or report. Generally, a li...

Re: Did you receive a 1099-R or some other tax reporting docu...