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Posted by Han on May 18, 2008, 8:43 am
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> William Brenner wrote:
>> A letter from a major life insurance company begins with (their
>> words) "Good news", and goes on to explain that a very old whole life
>> policy has reached the point where the total dividends received have
>> equaled all of the premiums paid.
>>
>> The "good news" continues with the explanation that the above means
>> that $600+ of this year's $1100+ dividend will be taxable income.
>> (The tax can be deferred by purchasing additional paid up insurance,
>> which I choose to not do.)
>>
>> The question is: Is this Line 21 Other Income? If not, where is it
>> entered on Form 1040?
>>
>> Thank you.
>>
>> Bill
>>
> It just occurred to my tired brain that, as it is a DIVIDEND, Schedule
> B might be a another possibility. I suppose it would be too much to
> expect that it would be a "qualified" dividend.
>
> What say thee?
>
Wait or ask for a 1099?
--
Best regards
Han
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--
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