Mustapha Ratib
Level 4
‎02-25-2021 09:30 AM

Hello All,

My client got a 1099-LS Reportable Life Insurance Sale, and doing some research it says it needs to be reported in his taxes, but I need help with where to report it at Proseries. software.

Please advise.

Thank you

Mustapha

 

 

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qbteachmt
Level 15
‎02-25-2021 12:32 PM

Did you try searching the web? You have some analysis to do.

From:

https://www.thinkadvisor.com/2020/02/12/irs-shows-how-the-tcja-life-policy-sale-tax-rules-might-real...

Resources

  • A copy of IRS Revenue Ruling 2020-05 is available here.
  • An article about the new Tax Cuts and Jobs Act life settlement transaction reporting regulations is available here.
  • An article about IRS Revenue Ruling 2009-13 and IRS Revenue Ruling 2009-14 is available here.

The IRS created the samples to show taxpayers how it’s interpreting Section 13521 of the Tax Cuts and Jobs Act of 2017 (TCJA).

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JOFI
Level 7
Level 7
‎04-10-2022 07:29 AM

The opening poster was asking for advice on the mechanics of entering this transaction in the software, not a backgrounder on recent changes in tax law.

Does anyone know how to actually enter this transaction in ProSeries?  I don't see any forms pop up when I search for 1099-LS.

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