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Form 1099-SB

Form name:

Seller’s Investment in Life Insurance Contract IRC Section: 6050Y

Link to form:

https://www.irs.gov/pub/irs-pdf/f1099sb.pdf

Purpose of form:

Payors must file Form 1099-SB if they are issuers of a life insurance contract (also known as a life insurance policy) to report the seller’s investment in the contract and surrender amount with respect to a life insurance contract transferred in a “reportable policy sale” or transferred to a non-U.S. person.

Information reported on form:

  • The name, address, taxpayer identification number and phone number of the issuer
  • The name, address, and taxpayer identification number of the seller,
  • Policy number,
  • Investment in contract,
  • Surrender amount,
  • Issuer’s information contact name,

 

Please see Form 1099-SB for all other information required to be reported. Reporting threshold: All amounts. Due date to recipient: February 15. If an issuer does not receive notice of a transfer to a foreign person until after January 31 of the calendar year following the year in which the transfer occurred, each statement must be furnished by the date 30 days after the date notice is received. Due date to IRS (paper filing): February 28. If the issuer does not receive notice of a transfer to a foreign person until after January 31 of the calendar year following the year in which the transfer occurred, returns must be filed by the later of February 28 (March 31 if filed electronically) of the calendar year following the year in which the transfer occurred or 30 days after the date notice is received. Due date to IRS (Electronic Filing): March 31.