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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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DavidD66
Expert Alumni

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?

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.  

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2 Replies
DavidD66
Expert Alumni

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?

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.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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?

Thank you very much!

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