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This version of the form is not currently in use and is provided for reference only. Download this version of
Instructions for IRS Form 1099-LS
for the current year.
Instructions for IRS Form 1099-LS Reportable Life Insurance Sale
This document contains official instructions for IRS Form 1099-LS , Reportable Life Insurance Sale - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1099-LS is available for download through this link.
FAQ
Q: What is IRS Form 1099-LS?
A: IRS Form 1099-LS is a tax form used to report the sale or transfer of a life insurance policy.
Q: Who needs to file IRS Form 1099-LS?
A: Insurance companies or any person who receives payment for the sale or transfer of a life insurance policy needs to file IRS Form 1099-LS.
Q: What information is reported on IRS Form 1099-LS?
A: IRS Form 1099-LS reports the gross proceeds from the sale or transfer of the life insurance policy.
Q: When is IRS Form 1099-LS due?
A: IRS Form 1099-LS must be filed with the IRS by January 31 of the year following the year of the sale or transfer.
Q: Is there a penalty for not filing IRS Form 1099-LS?
A: Yes, there can be penalties for not filing IRS Form 1099-LS or for filing incorrect or late forms. It is important to comply with the filing requirements.
Q: Is there a specific format for filing IRS Form 1099-LS?
A: Yes, there is a specific format and instructions provided by the IRS for filing IRS Form 1099-LS. It is important to follow these instructions when completing and filing the form.
Q: Can I file IRS Form 1099-LS electronically?
A: Yes, you can file IRS Form 1099-LS electronically through the IRS's e-file system.
Q: Are there any exceptions to filing IRS Form 1099-LS?
A: There are certain exceptions to filing IRS Form 1099-LS, such as if the sale or transfer of the life insurance policy is not reportable under the tax code. It is important to review the instructions and consult with a tax professional if you are uncertain.
Q: What should I do if I receive an IRS Form 1099-LS?
A: If you receive an IRS Form 1099-LS, you should review it for accuracy and keep it for your records. If you believe there is an error, you should contact the issuer of the form to resolve any discrepancies.
Instruction Details:
- This 2-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
- Complete, printable, and free.
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