My client received a 1099-LS indicating X proceeds. Another post on these forums suggested using this advice https://ttlc.intuit.com/community/retirement/discussion/where-to-i-put-in-information-for-1099-ls-an.... 

I understand 1099-LS proceeds are not taxable but the link indicates there may be losses that a tax payer can benefit from if their premiums paid were more than the proceeds. This is the situation I have. Is that a true statement? 

My example proceeds $80k and premiums paid since inception are $130k.