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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"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.
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.
"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)?
It's odd how this is an actual tax form but ProSeries has not tools to find anything related to it.
"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.
Yes, but the form does not exist in the search.
"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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