I didn't receive a 1099 for a life insurance payout. The policy earned a small amount of interest before the owner's death. How do I report the interest?

[DavidD66]

You can enter the interest income the same way you would if you had received a 1099-INT.  Go through the screens as if you had a 1099-INT.  The life insurance death benefits are not taxable, and do not need to be reported.

[drj417]

Follow-up question: Is there any place on Turbotax that you indicate no 1099-INT was received?

[LindaS5247]

TurboTax doesn't specifically ask if you if no 1099-INT was received,  You report it as if the financial institution had sent you a 1099-INT. Just put the financial institution's name as the payer and put the interest in Box 1.  You can also request this Form 1099-INT from your Life Insurance payor.

Per IRS guidance, if you received certain types of income, you may receive a Form 1099 for use with your federal tax return. You should receive these forms from the payer by early February, according to the IRS. Payers have until January 31, 2003, to mail these to you.

 If you have not received an expected 1099 by a few days after that, contact the payer. If you still do not get the form by February 15, call the IRS for help at 1-800- 829-1040.

In some cases, you may obtain the information that would be on the 1099 from other sources. For example, your bank may put a summary of the interest paid during the year on the December or January statement for your savings or checking account. Or it may make the interest figure available through its customer service line or Web site. Some payers include cumulative figures for the year with their quarterly dividend statements. If you are able to get the accurate information needed to complete your tax return, you do not have to wait for the 1099 to arrive.

Click here for IRS Tax Tip "What to do if you have not  have not received Form 1099."

Click here for information on filing Form 1099-INT.