File 1099-LS Online

What is Form 1099-LS?

Form 1099-LS, "Reportable Life Insurance Sale," is an IRS information return 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 helps provide clear reporting for the taxation of life insurance policy sales, which can have tax implications for both the buyer and the seller.

Who Must File Form 1099-LS?

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 U.S. tax law.

Form 1099-LS Requirements

When filing Form 1099-LS, the buyer or acquiring party must provide the following details:

• Name, address, and TIN (Taxpayer Identification Number) of the buyer.
• Seller's name, address, and TIN.
• Date of the sale of the policy or interest in the policy.
• Payment amount made to acquire the policy.
• Issuer information about the life insurance contract.

Form 1099-LS Due dates for 2025

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.

Form 1099-LS penalties for late filing

The IRS charges penalties to one who fails to file Form 1099-LS on time. Penalties are charged if the form is not filed correctly, on time or with wrongful information. Penalties increase based on how late the filing is, and they can become substantial for willful disregard of filing requirements.

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