Foreign whole life insurance payment, where to enter in Turbotax

[rparasur]

I have had a whole life policy in another country for a few years. I pay a premium every year and at maturity (in 2019) I get back some money. Now I know the total premiums paid and the money I got back and therefore the difference would be the profit that I need to report in Turbotax but I can't seem to figure out where in Turbotax I need to report it. I tried reporting it in Personal income-->Retirement plans and social security"-->IRA,401k,Pension plans (1099-R) but then it asks me for a Fed tax id - the insurance company in the foreign country does not have a federal id (Turbotax error check needs me to enter a federal id). So is there another place/way that I should enter this info in Turbotax?

Thanks!

[SusanY1 · Accepted solution]

To avoid the Tax ID issue, I would report this income in the area for "Other Reportable Income" in TurboTax and provide a description of the type of income that you are reporting.  Here is how to do this in TurboTax:

1. Click on Income & Expenses.
2. Scroll down to Less Common Income (you may first need to click on "Show all income" and click on Show more.
3. Click on Start beside Miscellaneous Income. 

Here you can provide a brief description of the income and type in the amount. 

[reneerex]

Hello Madam,

I have two related questions.

1. My foreign insurance is still active, but my premium was paid up in 2018. I still received a yearly dividend from the insurance in 2019. Where should I report it in the tax form? 

2. As the money is automatically deposited to my foreign bank account. Do I report this income for this foreign bank account as 1099-DIV? 

Thank you very much. 

Bet regards,

Renee

[ThomasM125]

Yes, you would enter it in TurboTax as a form 1099-DIV entry.