Where do I enter the gain on the surrender of a life insurance policy if no 1099 was issued?

[bshantler14]

The proceeds did not exceed $5,000 and the policy issuer could not determine the taxable amount since the policy was issued before 1982. The cost basis is known .

[JamesG1]

IRS Publication 17, page 70, states:

Surrender of policy for cash

If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy. 

In most cases, your cost (or investment in the contract) is the total of premiums that you paid for the life insurance policy, less any refunded premiums, rebates, dividends, or unrepaid loans that weren’t included in your income. 

You should receive a Form 1099-R showing the total proceeds and the taxable part. Report these amounts on lines 5a and 5b of Form 1040 or 1040-SR.

In TurboTax Online, report the income by following these steps:

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & income.
• Click on the down arrow to the right of Retirement Plans and Social Security.
• Click to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R).