How do I report foreign life insurance policy surrender proceeds without a 1099-R?

hi there,

I've surrendered foreign (India) multi-year life insurance policy before maturity. The policy has some gain (surrender proceeds minus premium over the years. I like to know how & where do I report this gain / income?

Thanks,

1766

1 Best answer

Expert Alumni

Mar 11, 2020 7:26:19 PM

I would report as "Other Income". To do so, while logged in to your return:

Click on Federal
Click on Income & Expenses
Scroll to the bottom of the "Your income and expenses" page, and click on "Less Common Income"
Click on "Show more"
At the bottom of the page, next to "Miscellaneous Income..." click on Start/Revisit
Other reportable income - click on Start, then answer Yes
Give a description and enter amount of income from the policy surrender

This amount will also be reported on line 8 of Schedule 1 (Form)

Expert Alumni

Mar 11, 2020 7:26:19 PM

I would report as "Other Income". To do so, while logged in to your return:

Click on Federal
Click on Income & Expenses
Scroll to the bottom of the "Your income and expenses" page, and click on "Less Common Income"
Click on "Show more"
At the bottom of the page, next to "Miscellaneous Income..." click on Start/Revisit
Other reportable income - click on Start, then answer Yes
Give a description and enter amount of income from the policy surrender

This amount will also be reported on line 8 of Schedule 1 (Form)

Level 2

Mar 12, 2020 11:50:23 AM

Thank you David 🙂

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How do I report foreign life insurance policy surrender proceeds without a 1099-R?