Where to enter 1099SB

[RalphE]

1099SB is new to me.

Client just got one showing ;

Block 1: Investment in contract $30,000

Block 2: surrender amount: 600

What do I do with it?

I see no 1099SB input form in Pro Series Basic

I see from discussions that it is a new form, but nothing about how to handle it

Help!

[RalphE]

I have now found out my client had a 1099LS. (He neglected to give me that with his documents)

It reports the proceeds of the life insurance sale.

But I am confused about whether the 1099SB is an information return and the 1099LS is the proceeds which I must report.

And...is ordinary income the amount of his cash value noted on 1099SB and capital gain the amount of proceeds in excess of cash value.?

So would I report the amount on the 1099LS in two places,  as ordinary income on Schedule 1 and the amount in excess of the cash value  on Schedule D?

[qbteachmt]

Here is a topic from 2019 that also has some links:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/what-do-i-do-with-form-...