Here I am using the spyware laden Turbo Tax to do my taxes and I came across a problem that I wasn’t sure how to handle and Turbo Tax couldn’t answer for me.
My wife cancelled a life insurance policy and got some cash from it. All I have is the top of the paper that the check was attached to. It says there that they didn’t withhold any income tax and we are responsible for reporting it on our taxes.
Where do I declare this income? Turbo Tax kind of directed me to the 1099-R form and is asking for the payer’s Fed ID and this is not included with the paper that I have. The insurance company did not send any other information or a formal 1099-R form. Is this right, or should I declare this somewhere else?