turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Manuel J
New Member

1099-R and Life Insurance Cash Value payout

We stopped the life insurance policy on me, last year, and received the Cash Value of the policy.  On my 1099-R from the insurance company:

Box 1, shows a gross distribution of $14,949.40.    

Box 2, Taxable amount, does not have an entry; blank.

Box 2b, Total Distribution box is checked

Box 7,  7 is entered and there are no other codes (e.g. M)

Box 15, my state and payer's state no. have an entry

 

That said,  what area of Turbotax do I make the entry into (i.e. which income, if appropriate)?

Based on the 1099-R, it doesn't appear the money is taxable.  How do I ensure this doesn't affect my taxes?

 

Lastly, I closed a couple of other insurance policies, but they were much smaller cash values. Consequently, 1099's were not issued.  How do I address these?

 

Thank you

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question