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Form 1099-LS: Reportable Life Insurance Sale
IRS Form 1099-LS is used to report a Reportable Life Insurance Sale, filed by the acquirer of an interest in a life insurance contract. If filing electronically, one may be required to file if there are 10 or more information returns.
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IRS Form 1099-LS - Reportable Life Insurance Sale
IRS Form 1099-LS is used to report a Reportable Life Insurance Sale, filed by the acquirer of an interest in a life insurance contract. If filing electronically, one may be required to file if there are 10 or more information returns.
Risk Radar
Scan points- 1Filing an unscannable copy of the IRS information return may result in a penalty.
- 2Failing to file a separate Form 1099-LS for each payment recipient.
- 3Omitting the Acquirer’s Taxpayer Identification Number (TIN).
- 4Using an outdated revision of the form; confirm it reads April 2025.
- 5Not providing direct access contact information for the acquirer.
Plain English
This form reports when someone acquires an ownership stake in a life insurance policy that meets specific criteria for being 'reportable.' The acquirer files this form to officially notify the IRS about this acquisition. This helps track who owns which policies and when those transfers occurred.
Submission Date
- Filing date: 2025-03-25 22:10:14
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when you are the acquirer of any interest in a life insurance contract within a reportable policy sale.
- Do not use it when the interest was transferred to you gratuitously, if you qualify for an exception under Regulations section 1.6050Y-2(f), or if another contractor reports on your behalf via unified reporting provisions.
- Check Form 1099-LS instead when reporting a Reportable Life Insurance Sale.
Form selector
Use this form or another form?
Acquirer is foreign person
You may qualify for an exception and thus not have to file, but you must report payments made to non-seller parties.
✓ Confirm the exemption criteria under Regulations section 1.6050Y-2(f).
Acquirer is reporting a Section 1035 exchange
You may qualify for an exception and thus not have to file, but you must report payments made in this type of sale.
✓ Verify the transaction qualifies as a section 1035 exchange.
Acquirer is reporting under unified provisions
Another contractor reports on your behalf, meaning you may not need to furnish statements, but the information still must be reported.
✓ Check if another acquirer or third party contractor is handling the reporting for you.
Deadline or filing window
The source does not state a specific deadline, but it references General Instructions for Certain Information Returns which cover when and where to file. If filing electronically, one may be required to file if there are 10 or more information returns.
Checklist
What you need before filling it out
Acquirer status
Your name, address, telephone number, and TIN · General Instructions/Form
Payment Recipient definition
Any person receiving a reportable policy sale payment (seller, broker, etc.) · Instructions p.2 / Regulations section 1.6050Y-1(a)(16)(i)
Required data points per filing
Payment recipient name/address/TIN, Issuer name, Policy number, Amount paid, Date of sale · Instructions p.1 / Regulations section 1.6050Y-2
Acquirer's Contact Info
Name, address, and phone number (must allow direct access) · Form p.4 / Form p.6
Statement furnishing rule
You must file a separate 1099-LS for each payment recipient/interest acquired · Instructions p.1
Before you submit
- 1Verify the revision date on Form 1099-LS reads April 2025.
- 2Confirm you are filing as the acquirer of an interest in a reportable policy sale.
- 3Ensure that for every payment recipient, you have entered their name, address, and TIN.
- 4Check that the life insurance contract's policy number is accurately listed on Form 1099-LS.
- 5Confirm the amount paid to the payment recipient matches the figure in Box 1 of Form 1099-LS.
- 6Verify that the date of sale entered is correct and reflects the transaction date.
- 7Ensure the Acquirer's information contact details provide direct access to an answering person.
How to file this form
- 1Complete your personal information by entering your name, address, telephone number, and Taxpayer Identification Number (TIN) as the acquirer.
- 2For each payment recipient, enter their specific name, address, TIN, along with the issuer's name, policy number, amount paid, and date of sale onto a separate Form 1099-LS.
- 3If your contact information differs from yours, ensure you list the Acquirer’s information contact details on Form 1099-LS.
- 4Sign and date the completed Form 1099-LS (or submit electronically) to finalize the reportable life insurance sale documentation.
Known limitations
- 1Filing of IRS Form 1099-LS is not required if the interest in a life insurance contract was transferred to the filer gratuitously.
- 2Filing of IRS Form 1099-LS is not required if the filer qualifies for an exception listed in Regulations section 1.6050Y-2(f).
- 3Filing of IRS Form 1099-LS may not be required if another acquirer or third party information reporting contractor reports on the filer's behalf under unified reporting provisions.
- 4If a reportable policy sale is rescinded, a corrected statement must be furnished to the recipient within 15 calendar days of receiving notice of the rescission.
Field map
Compact field-by-field guide
Payer Info
1 items
Identifying information of the business or person making the payment.
Recipient Info
1 items
Identifying information of the person or entity receiving the payment.
Amounts
1 items
The payment amount subject to reporting for the applicable box category.
Withholding
1 items
Backup withholding amount if applicable.
Signatures
1 items
Name and phone number of the person to contact about this return.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition of IRS Form 1099-LS is dated April 2025, and the instructions direct users to IRS.gov/Form1099LS for the latest information regarding developments.
What changed or needs a fresh check
- Edition date — confirm the revision date reads 04/25.
- Catalog Number — confirm the number reads 71418S.
- Filer designation — confirm your role as Acquirer is listed correctly.
- Recipient identification — confirm you have entered the name, address, and TIN for each payment recipient.
- Issuer details — confirm the life insurance company's name (the one bearing the risk) is accurate.
Quick Facts
Downloads
After you file
- 1Keep a copy of the filed IRS Form 1099-LS.
- 2If furnishing statements to recipients, use Copy B or Copy C (which can be made fillable online).
- 3When filing electronically, ensure the version used is current for tax year 2025 and subsequent years until a superseding revision is issued.
- 4If filing copies downloaded from the website, ensure they are scannable to avoid potential penalties when submitting to the IRS.
Sources
- SRCInstructions p.1 — The general rule is that an acquirer must file Form 1099-LS if they acquire an interest in a reportable policy sale.
- SRCInstructions p.1 — E-filing threshold was lowered to 10 aggregated information returns, effective for returns filed on or after January 1, 2024.
- SRCInstructions p.1 — Copy B and C have been made fillable online in PDF format at IRS.gov/Form1099LS.
- SRCInstructions p.1 — If a sale is rescinded, the corrected statement must be furnished within 15 calendar days of notice receipt (Regulations section 1.6050Y-2(e)).
- SRCInstructions p.2 — Box 1 on Form 1099-LS requires entering the total amount paid to the payment recipient.
- SRCForm p.2 — Copy A is provided for informational purposes only and should be scannable if printed from this website.
Common confusion points
Who must file Form 1099-LS?
Generally, the acquirer of any interest in a life insurance contract in a reportable policy sale must file.
→ Check if you are acquiring an interest (directly or indirectly) in a reportable policy sale.
Do I have to fill out all boxes on Copy C?
Reporting the amount paid to the payment recipient is optional on Copy C, though other information is required.
→ Verify that Box 1 (Amount Paid) and Box 2 (Date of Sale) are completed even if you omit others.
What happens when a sale is rescinded?
You must furnish a corrected statement to the payment recipient within 15 calendar days after receiving notice of the rescission.
→ Confirm the date of receipt of the rescission notice before starting the 15-day count.
Can I use Copy A for filing?
Yes, but the official printed version of Copy A is scannable; a penalty may be imposed for filing an unscannable copy downloaded from the website.
→ If printing from the website, ensure you are using a method that allows scanning capability.
When must I e-file Form 1099-LS?
You may be required to file electronically if you have 10 or more information returns to file (this threshold was lowered by T.D. 9972).
→ Confirm the total count of your reportable sales before deciding on paper vs. electronic filing.
What is the purpose of Copy A?
Copy A is provided for informational purposes only and appears in red, similar to the official IRS form.
→ Use Copy B or C (black) to satisfy the requirement when furnishing statements to recipients.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- If a sale is rescinded, you must furnish a corrected statement related to the original filing.
Questions about IRS Form 1099-LS
What is IRS Form 1099-LS used for?
This form reports when someone acquires an ownership stake in a life insurance policy that meets specific criteria for being 'reportable.' The acquirer files this form to officially notify the IRS about this acquisition. This helps track who owns which policies and when those transfers occurred.
Who must file IRS Form 1099-LS?
Generally, the acquirer of any interest in a life insurance contract in a reportable policy sale must file Form 1099-LS. Exceptions exist if the interest was transferred gratuitously or another party reports it on your behalf.
What information does IRS Form 1099-LS require?
The form collects details such as the Acquirer’s name, address, and TIN; the Payment Recipient’s information (name, address, TIN); the Policy number; the Amount paid to payment recipient; and the Date of sale. These facts are presented across various sections, including Part II.
When is IRS Form 1099-LS due?
The source does not specify a filing deadline based on a trigger event in this excerpt, but it refers to general instructions regarding when and where to file.
Where do I file IRS Form 1099-LS?
The form can be filed electronically via IRS.gov/InfoReturn if the filer has 10 or more information returns. The specific service center address is not provided in these excerpts.
How do I complete IRS Form 1099-LS?
The acquirer must complete all required fields, including their own information (name, address, TIN) and the payment recipient's details. For each interest acquired in a reportable policy sale, a separate Form 1099-LS must be filed for each payment recipient. The form is provided in Copy A (for informational purposes) or Copy B.
What happens if IRS Form 1099-LS is filed incorrectly?
A penalty may be imposed for filing Copy A downloaded from this website if that copy cannot be scanned by the IRS. Additionally, failure to report correctly impacts the requirement to furnish statements to recipients and issuers.
Who must file Form 1099-LS?
Generally, the acquirer of any interest in a life insurance contract in a reportable policy sale must file. Check if you are acquiring an interest (directly or indirectly) in a reportable policy sale.
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