We failed to pay back a loan on an insurance policy and we have received a form indicating that it should be shown as income do we need to be included for year 2018?

[DoninGA]

Did you receive a Form 1099-C, Cancellation of Debt?

[ng24803486]

We received a 1099-R - Marked as Cash Surrender

[ng24803486]

we received a form 1099-R cash surrender with a gross distribution and a taxabler amount

[DoninGA]

Is the Form 1099-R for tax year 2018?

[ng24803486]

Yes it is Form 1099-R

[ng24803486]

yes it is Form 1099-R

[ng24803486]

i still am not sure if is to be reported as income since we were paying the premiums

[DoninGA · Accepted solution]

To enter a form 1099-R -

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement Plans and Social Security
• On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen.  Click on Jump to 1099-R