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elasedra
New Member

How do I report a taxable gain for a cash surrender of a 1959 life insurance policy and Prudential won't give me a 1099-R cause surrender proceeds are less than $5,000.

I called Prudential and they said they won't give me a 1099-R, but I have to report a $155 taxable gain from the cash surrendered policy.

1 Best answer

Accepted Solutions
KrisD
Intuit Alumni

How do I report a taxable gain for a cash surrender of a 1959 life insurance policy and Prudential won't give me a 1099-R cause surrender proceeds are less than $5,000.

Enter it as "Other Income" 

Sign into your account, your return, and click "Pick up where I left off

Click Federal

Click Wages & Income

Get to All Income and scroll down to Less Common Income and click Show more

Scroll down to Miscellaneous Income, 1099-A, 1099-C and click Start

Scroll down to Other reportable income and click Start

Type   surrender proceeds   into the description box and enter the amount

Click Done


View solution in original post

4 Replies
dmertz
Level 15

How do I report a taxable gain for a cash surrender of a 1959 life insurance policy and Prudential won't give me a 1099-R cause surrender proceeds are less than $5,000.

Apparently Prudential thinks there is no taxable gain, otherwise they are required to issue a Form 1099-R since the gross amount is more than $10.
KrisD
Intuit Alumni

How do I report a taxable gain for a cash surrender of a 1959 life insurance policy and Prudential won't give me a 1099-R cause surrender proceeds are less than $5,000.

Enter it as "Other Income" 

Sign into your account, your return, and click "Pick up where I left off

Click Federal

Click Wages & Income

Get to All Income and scroll down to Less Common Income and click Show more

Scroll down to Miscellaneous Income, 1099-A, 1099-C and click Start

Scroll down to Other reportable income and click Start

Type   surrender proceeds   into the description box and enter the amount

Click Done


View solution in original post

elasedra
New Member

How do I report a taxable gain for a cash surrender of a 1959 life insurance policy and Prudential won't give me a 1099-R cause surrender proceeds are less than $5,000.

Thank you. I was wondering if I was supposed to create a Substitute 1099-R and explain.
KrisD
Intuit Alumni

How do I report a taxable gain for a cash surrender of a 1959 life insurance policy and Prudential won't give me a 1099-R cause surrender proceeds are less than $5,000.

Thank you for using TurboTax.
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