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| # of Forms | 1-20 | 21-150 | 151-500 | 501-1000 | 1000+ |
|---|---|---|---|---|---|
| Pricing Tier / Form | $ 2.90 | $ 2.19 | $ 1.25 | $ 0.65 | Get a Quote |
Form 1099-LS, "Reportable Life Insurance Sale," is the IRS information returns to report a life insurance contract or any interest in a life insurance contract. The buyer or acquirer of the policy will have to file Form 1099-LS to report the information about the sale to the IRS. This has the effect of exposing clear-cut taxation of sale of life insurance policies that could sometimes be fraught with tax implications to both the buyer and seller.
Form 1099-LS must be filed by any person or entity that acquires a life insurance contract, or any interest in one, in a reportable policy sale. This includes insurance companies, brokers, or any individuals who purchase a policy for investment purposes. This form helps a company properly report and comply with the U.S. tax law.
The deadline for filing Form 1099-LS is January 31st of the year following the calendar year in which the reportable policy sale occurs. This deadline ensures timely reporting of transactions that may have tax consequences.
| Filing Type | Due Date |
| Recipient Copy | Monday - February 17, 2025 |
| IRS eFile | Monday - March 31, 2025 |
| IRS Paper Filing | Friday - Feb 28, 2025 |
The IRS charges penalties to one who fails to file Form 1099-LS in time. Penalties are charged if the form is not filled in correctly, on time or with wrongful information. The length of delay while filing the taxes incurs consequential penalties, and the penalties become substantial with willful disregard to filing requirements.
| # of Forms | 1-20 | 21 - 150 | 151-500 | 501-1000 | 1000+ |
|---|---|---|---|---|---|
| Pricing Tier / Form | $ 2.90 | $ 2.19 | $ 1.25 | $ 0.65 | Get a Quote |
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The CFSFP Combined Federal State Filing Program allows parts of your federal eFile to be transmitted to the state at no extra charge. Non-participating states must receive a direct file. Learn more about state filing here.
