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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15044
Experience:  15years with H & R Block. Divisional leader, Instructor
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Robin: Hope all is well. Are insurance premiums subject to

Customer Question

Hello Robin: Hope all is well. Are insurance premiums subject to Form 1099/1042S Reporting by a US Financial Institution?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello

Insurance premiums paid on a contract issued by a foreign insurer are not subject to 1042S reporting.

Customer: replied 1 year ago.
Thank You Robin. In what instances are insurances premiums reporting on a Form 1099 or 1042S?
Expert:  Robin D. replied 1 year ago.

If the cash out is more then their premiums paid in. In other words when a persons cashes in life insurance and they receive more back than they paid in premiums.