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Can I clam a loss on a surrendered life insurance annuity?

I surrendered a perm life insurance annuity a couple years in. I ended up with a loss (Total premiums paid - cash value at time of surrender was negative). Is this deductible? Where do I enter it? The company did not provide a 1099-R because I had no gain. 

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1 Reply
dmertz
Level 15

Can I clam a loss on a surrendered life insurance annuity?

No.  This could have been claimed on Schedule A had the Tax Cuts and Jobs Act of 2017 not suspended through 2025 miscellaneous deductions subject to the 2%-of-AGI floor.

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