Surrendered life insurance reporting

Yes, a1099-R is used to report a gain between the payout and the premiums. It is most common for retirement income. It is entered in wages and income. Follow these steps:

Review and edit your income section.

There is a search box under your income. Type 1099-R and you will see retirement come up.

Select retirement plans and enter your form.

 

 

Is it "Qualified" or "non-Qualified"?

To be considered qualified, they must meet the following criteria:

 

• Be paid by an American company or a qualifying foreign company
• Be paid between January 1, 2024, and December 31, 2024
• Meet the holding period requirement for the stock—the holding period is at least 60 days during the 121-day period that begins 60 days before the ex-dividend date (the day after a company announces its dividend payments to shareholders)

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