1099-LS Reportable Life Insurance Sale

Forum|Forum|5 years ago
February 25, 2021
1 reply
0 views

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

ProSeries Professional

This topic has been closed for replies.

qbteachmt

Level 15

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-really-work/

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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J

JOFI

Intuit Community Champion

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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