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trainboy2
New Member

Paid Up life insurance dividends on 1099r.

Received 1099r from paid up life insurance policy for Dividends exceeding paid premium. How do I enter this in Turbotax? Looks like an IRA but is not. Is it a "qualified" plan? what do I enter for RMD?

 

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1 Reply
DaveF1006
Employee Tax Expert

Paid Up life insurance dividends on 1099r.

First of all enter the 1099R information in the return.  

 

  • Open or continue your return.
  • In the Federal section, select Wages & Income.
  • Scroll to locate Retirement Plans and Social Security.
  • Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R) Or Social Security (SSA 1099, RRB 1099).

After entering the information, indicate that none of this is for an RMD when you reach that screen. Also indicate this is a non-qualified plan when you reach that portion of the return..


 

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