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?

[59station]

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.

[DavidD66 · Accepted solution]

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.  

[59station]

Thank you very much!