Question: On 6 / 2 6 / 2 4 , Albus receives a check for $ 1 5 , 4 8 0 from the United Insurance

On 6/26/24, Albus receives a check for $15,480 from the United Insurance Corporation. Though he was unaware of it, he was the designated beneficiary of an insurance policy on the life of his uncle. The policy had a maturity value of $15,100, and the letter from the company stated that his uncle had paid premiums on the policy of $3,620. What would be reported and on which form for the year 2024?

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