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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.
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Terry53029
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Proceeds from selling life insurance policy's may or may not be taxable. see link. https://www.irs.gov/pub/irs-drop/rr-20-05.pdf.
https://www.irs.gov/pub/irs-drop/rr-09-14.pdf.
Here is a link from The Tax Advisor which may be easer to read.
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"Another post on these forums"
Nope, that's not "these" forums. That's a TurboTax forum. You posted in Tax Talk. Which program are you using: Lacerte, ProSeries or ProConnect (the older Intuit Tax Online, renamed)?
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It's odd how this is an actual tax form but ProSeries has not tools to find anything related to it.
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"but ProSeries has not tools to find anything related to it."
I'm pretty sure you have access to a 1099-B worksheet, which includes "not reported on 1099-B" type of capital gain/loss.
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Yes, but the form does not exist in the search.
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"but the form does not exist in the search."
The form 1099-LS is not necessarily reportable. It's the scenario that applies which may be reportable. There might be ordinary income, capital gain, capital loss, or it might be a viatical sale. That's why you would read the resources and links provided, to evaluate what applies.
If it is not reportable, there is nothing to be entered. Otherwise, there is a worksheet, not a form, for the data.
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