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1099-LS

Form name:

Reportable Life Insurance Sale

IRC Section:

6050Y

Link to form:

https://www.irs.gov/pub/irs-pdf/f1099ls.pdf

Purpose of form:

Acquirers of a life insurance contract (also known as a life insurance policy), or any interest in a life insurance contract, in a reportable policy sale use Form 1099-LS to report the acquisition.

Information reported on form:

  • The name, address, taxpayer identification number and phone number of the acquirer,
  • The name, address, and taxpayer identification number of each payment recipient,
  • Policy number,
  • Amount paid to recipient,
  • Date of sale,
  • Issuer’s name,
  • Acquirer’s information contact name, address, and telephone number if different from acquirer,

 

Please see Form 1099-LS for all other information required to be reported.

Reporting threshold: 

All amounts

Due date to recipient: 

February 15.

Due date to issuer: 

The later of 20 calendar days after the reportable policy sale, or 5 calendar days after the end of the applicable state law rescission period.  However, if the later date is after January 15 of the year following the calendar year in which the reportable policy sale occurred, the RPSS must be furnished by January 15 of the year following the calendar year in which the reportable policy sale occurred.

Due date to IRS (paper filing): 

February 28.

Due date to IRS (Electronic Filing): 

March 31.