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

[hitenk]

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,

[DavidD66 · Accepted solution]

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)

[hitenk]

Thank you David 🙂