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This version of the form is not currently in use and is provided for reference only. Download this version of
IRS Form 1099-SB
for the current year.
IRS Form 1099-SB Seller's Investment in Life Insurance Contract
What Is IRS Form 1099-SB?
This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. As of today, no separate filing guidelines for the form are provided by the IRS.
FAQ
Q: What is IRS Form 1099-SB?
A: IRS Form 1099-SB is a tax form used to report the seller's investment in a life insurance contract.
Q: Who needs to file IRS Form 1099-SB?
A: The seller of a life insurance contract needs to file IRS Form 1099-SB.
Q: What information is reported on IRS Form 1099-SB?
A: IRS Form 1099-SB reports the seller's investment in a life insurance contract, including the gross proceeds and the seller's basis in the contract.
Q: When is IRS Form 1099-SB due?
A: IRS Form 1099-SB is due by January 31st of the year following the year of the sale.
Q: Are there any penalties for not filing IRS Form 1099-SB?
A: Yes, there are penalties for not filing IRS Form 1099-SB, including potential monetary fines.
Q: Can I file IRS Form 1099-SB electronically?
A: Yes, you can file IRS Form 1099-SB electronically using the IRS's Filing Information Returns Electronically (FIRE) system.
Q: What if I made a mistake on IRS Form 1099-SB?
A: If you made a mistake on IRS Form 1099-SB, you should file a corrected form as soon as possible.
Q: Do I need to send a copy of IRS Form 1099-SB to the recipient?
A: Yes, you need to send a copy of IRS Form 1099-SB to the recipient by January 31st of the year following the year of the sale.
Q: Can I get an extension to file IRS Form 1099-SB?
A: Yes, you can request an extension to file IRS Form 1099-SB by filing Form 8809 with the IRS.
Form Details:
- A 6-page form available for download in PDF;
- This form cannot be used to file taxes for the current year. Choose a more recent version to file for the current tax year;
- Editable, printable, and free;
- Fill out the form in our online filing application.
Download a fillable version of IRS Form 1099-SB through the link below or browse more documents in our library of IRS Forms.
Download IRS Form 1099-SB Seller's Investment in Life Insurance Contract
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