1099-LS

Reportable Life Insurance Sale

Agency
IRS
Revision
Rev. April 2025
Fillable fields
40
Pages
6
Official source
IRS form page
Checked
October 21, 2026
Fill 1099-LS online
Page 1 of form 1099-LS

Form 1099-LS: Reportable Life Insurance Sale

Form 1099-LS, Reportable Life Insurance Sale, is an information return filed by the acquirer of a life insurance contract, or any interest in one, in a reportable policy sale. The instructions describe a reportable policy sale, in general, as an acquisition where the acquirer has no substantial family, business or financial relationship with the insured person apart from its interest in the contract.

The acquirer files Copy A with the IRS, gives Copy B to each payment recipient, such as the seller or a broker who keeps part of the payment, and in a direct acquisition gives Copy C to the issuer, the insurance company that administers the contract. Copy C says the issuer then files Form 1099-SB. The payment recipient and the issuer receive the form; they do not file it.

The PDF says Copy A printed from the IRS website is for information only and is not scannable, while Copies B and C are fillable online for furnishing statements. You can fill out the PDF free in your browser on this page and download it without an account.

Top of page 1 of Form 1099-LS: Reportable Life Insurance Sale, as printed by IRS

What's on Form 1099-LS

Acquirer boxes

The acquirer's name, street address, city or town, state or province, country, ZIP or foreign postal code and telephone number, plus the acquirer's TIN.

Payment recipient boxes

The payment recipient's TIN, name, street address including apartment number, city or town, state or province, country and ZIP or foreign postal code.

Issuer and policy number

The name of the insurance company that issued the contract and the policy number it assigned to the contract.

Information contact

The name, address and telephone number of the acquirer's information contact, if different from the acquirer.

Boxes 1 and 2

Box 1 holds the amount paid to the payment recipient, marked optional on Copy C. Box 2 holds the date of sale.

Copies A, B and C

Copy A for the IRS, Copy B for the payment recipient and Copy C for the issuer, with VOID and CORRECTED boxes and a For calendar year space.

How to fill out Form 1099-LS

  1. 1

    Acquirer and contact

    Enter the acquirer's name, address, telephone number and TIN. If different, enter an information contact; the instructions say it gives direct access to a person who can answer questions about the return.

  2. 2

    Payment recipient

    Enter the payment recipient's name, address and TIN. Use a separate form for each payment recipient for each interest acquired.

  3. 3

    Issuer and policy number

    Enter the issuer of the life insurance contract and the policy number, the unique number the issuer assigned to the contract.

  4. 4

    Box 1

    Enter the total amount paid to the payment recipient in the reportable policy sale. The instructions say reporting it on Copy C is optional.

  5. 5

    Box 2

    Enter the date of the reportable policy sale.

  6. 6

    Furnish the copies

    File Copy A with the IRS, give Copy B to the payment recipient, and send Copy C to the issuer's administrative office that processes transfers of ownership.

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Copies, e-filing and corrections

Copy A

The PDF says the online Copy A is not scannable and is not to be printed and filed, and that a penalty may be imposed for filing forms that cannot be scanned. Official forms can be ordered at IRS.gov/EmployerForms.

E-filing

The instructions say the e-file threshold was lowered to 10, counted across all information returns, for returns required to be filed on or after January 1, 2024.

Statements to recipients

Copy B or an acceptable substitute goes to each payment recipient, and Copy C to the issuer only for the form filed for the seller in a direct acquisition.

Rescinded sales

The instructions say that if a reportable policy sale is rescinded, a corrected Form 1099-LS and corrected statements are due within 15 calendar days of receipt of notice of the rescission.

Truncated TINs

The payment recipient's TIN may be truncated on Copy B but not on documents filed with the IRS. The acquirer's TIN may not be truncated on any form.

Due dates and penalties

The instructions point to the General Instructions for Certain Information Returns for when and where to file, corrections and penalties.

Related forms

Who files Form 1099-LS?

  • Acquirers of life insurance interests

    The instructions say, generally, to file Form 1099-LS if you are the acquirer of any interest in a life insurance contract in a reportable policy sale, directly or indirectly.

  • Exceptions for some acquirers

    The instructions say an acquirer may not have to file after a gratuitous transfer, under an exception in Regulations section 1.6050Y-2(f), or when another party reports for it under unified reporting.

  • Payment recipients

    Copy B goes to each payment recipient, which can include the seller and a broker or other intermediary. A non-seller paid less than $600 in aggregate is not a payment recipient.

  • Insurance company issuers

    Copy C goes to the issuer in a direct acquisition, for the form filed for the seller. Copy C says the issuer has its own reporting duty and files Form 1099-SB.

  • One form per recipient

    The instructions say the acquirer files a separate Form 1099-LS for each payment recipient for each interest in a life insurance contract acquired in a reportable policy sale.

The acquirer in a reportable policy sale completes and files the form. The payment recipient and the issuer each receive a copy.

Official sources and the blank

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Questions about Form 1099-LS

Why did I receive Form 1099-LS?

Copy B says an acquirer of a life insurance contract, or an interest in one, in a reportable policy sale under section 6050Y gives this form for payments made to you in that sale.

What is a reportable policy sale?

The instructions say it is, in general, any direct or indirect acquisition of an interest in a life insurance contract where the acquirer has no substantial family, business or financial relationship with the insured, apart from that interest.

Why did an insurance company get Copy C?

Copy C says the issuer gets it because it has an information reporting obligation under section 6050Y(b), and that it files Form 1099-SB for the reportable policy sale.

Who counts as a payment recipient?

The instructions say the seller and any broker or intermediary that keeps part of the payment. A person other than a seller paid less than $600 in aggregate is not a payment recipient.

What if the sale is undone?

The instructions say a corrected Form 1099-LS, and corrected statements, are due within 15 calendar days of receipt of notice of the rescission.

Can Copy A from this page be filed with the IRS?

The PDF says the online Copy A is for information only and is not scannable. Copy B and the other black copies may be printed and used to give the information to the recipient.

Why does my form show only part of my TIN?

Copy B says the form may show only the last four digits of your TIN for your protection, but the acquirer has reported your complete TIN to the IRS.