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Insurance Proceeds on 1099-Misc

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    #1

    Insurance Proceeds on 1099-Misc

    Hi ,

    Got a customer who had payment insurance on a personal loan and was unemployed for some time so the insurance paid the loan payments for her. She received a 1099-MISC for $882 from the insurance company. Is this taxable?
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    #2
    Line 21 other income.
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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      #3
      just curious, but even if she paid for coverage?. I'm thinking life insurance (not taxable distributions) medical insurance (long term coverage and distributions for disability).

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        #4
        What does the $882 represent?

        If the $882 is the loan payment made on behalf of the taxpayer, and if the premiums were paid with post-tax dollars, I would put income on line 21 and adjust same amount on line 36.

        If the $882 represents some other payment, then I would investigate further.

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