How do I report a taxable gain for a cash surrender of a 1959 life insurance policy and Prudential won't give me a 1099-R cause surrender proceeds are less than $5,000.

[elasedra]

I called Prudential and they said they won't give me a 1099-R, but I have to report a $155 taxable gain from the cash surrendered policy.

[dmertz]

Apparently Prudential thinks there is no taxable gain, otherwise they are required to issue a Form 1099-R since the gross amount is more than $10.

[KrisD · Accepted solution]

Enter it as "Other Income" 

Sign into your account, your return, and click "Pick up where I left off

Click Federal

Click Wages & Income

Get to All Income and scroll down to Less Common Income and click Show more

Scroll down to Miscellaneous Income, 1099-A, 1099-C and click Start

Scroll down to Other reportable income and click Start

Type   surrender proceeds   into the description box and enter the amount

Click Done

[elasedra]

Thank you. I was wondering if I was supposed to create a Substitute 1099-R and explain.

[KrisD]

Thank you for using TurboTax.

[newtoTT1]

The amount I enter is the surrender value minus the Premiums. Right!