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