I have a foreign life insurance account in a foreign country with a value of $110K, should I select the "deposit" or "custodial" account when filling inTurboTax?
TurboTax only gives two options: deposit or custodial. No life insurance. I know it is not custodial. But it doesn't seem right if I select deposit. There is no income or proceeds from the account. It matures in 3 years. Thank you.
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1 Best answer
DavidD66
Expert Alumni
Apr 4, 2024 1:32:18 PM
You should select "deposit" account. A custodial account is an account established at a financial institution for the benefit of a minor child and managed by the parent or another designated custodian.
2 Replies
DavidD66
Expert Alumni
Apr 4, 2024 1:32:18 PM
You should select "deposit" account. A custodial account is an account established at a financial institution for the benefit of a minor child and managed by the parent or another designated custodian.