My employer kept a cash value life insurance policy on me for years. I left his employment and he cashed out this policy and gave me the cash value. How do I claim this on my taxes? His name was on the check, he endorsed it over to me and I deposited it. Turbo Tax ask for a form to enter this and I don't have one and don't know what to do.
This would be entered as Other Taxable income. You can do this without any forms by selecting the following:
This will put it on line 8z of your schedule 1 as other income.
I'm not so sure as to you having taxable income since the proceeds of the policy were paid to him and he gave them to you.
see this about keyman life insurance
https://www.valuepenguin.com/life-insurance/key-man-insurance#tax
This would be entered as Other Taxable income. You can do this without any forms by selecting the following:
This will put it on line 8z of your schedule 1 as other income.
I'm not so sure as to you having taxable income since the proceeds of the policy were paid to him and he gave them to you.
see this about keyman life insurance
https://www.valuepenguin.com/life-insurance/key-man-insurance#tax