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Форма 1099-LS Інструкція

Інструкція по формуванню 1099-LS, звітне страхування життя

Ред. Грудень 2019

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Department of the Treasury  
Internal Revenue Service  
Instructions for Form  
1099-LS  
(Rev. December 2019)  
Reportable Life Insurance Sale  
Section references are to the Internal Revenue Code  
unless otherwise noted.  
reportable policy sale. See Regulations section 1.101-1(e)  
(3)(ii).  
Future Developments  
Who Must File  
For the latest information about developments related to  
Form 1099-LS and its instructions, such as legislation  
enacted after they were published, go to IRS.gov/  
Generally, file Form 1099-LS if you are the acquirer of any  
interest in a life insurance contract in a reportable policy  
sale.  
An acquirer is any person that acquires an interest in a  
life insurance contract (through a direct acquisition or  
indirect acquisition of the interest) in a reportable policy  
sale.  
You may not have to file Form 1099-LS if the interest in  
a life insurance contract was transferred to you  
Reminders  
In addition to these specific instructions, you should also  
Information Returns. Those general instructions include  
information about the following topics.  
gratuitously, if you qualify for an exception in Regulations  
section 1.6050Y-2(f), or if another acquirer or third party  
information reporting contractor reports on your behalf  
under the unified reporting provisions of Regulations  
section 1.6050Y-2(b). You may qualify for an exception in  
Regulations section 1.6050Y-2(f) if you are a foreign  
person, if you report reportable policy sale payments  
made to a person other than the seller under section 6041  
or 6041A, or if you acquire a life insurance contract in a  
section 1035 exchange.  
If you are the acquirer, enter your name, address,  
telephone number, and taxpayer identification number  
(TIN). Additionally, enter the name, address, and  
telephone number of your information contact, if different  
from your own. This contact information must provide  
direct access to a person who can answer questions  
about this information return.  
Who must file.  
When and where to file.  
Electronic reporting.  
Corrected and void returns.  
Statements to recipients.  
Taxpayer identification numbers.  
Backup withholding.  
Penalties.  
Other general topics.  
You can get the general instructions at IRS.gov/  
Continuous-use form and instructions. Form 1099-LS  
and these instructions have been converted from an  
annual revision to continuous use. Both the form and  
instructions will be updated as needed. For the most  
recent version, go to IRS.gov/Form1099LS.  
Online fillable Copies B, C, and D. To ease statement  
furnishing requirements, Copies B, C, and D have been  
made fillable online in a PDF format available at IRS.gov/  
Form1099LS. You can complete these copies online for  
furnishing statements to recipients and for retaining in  
your own files.  
Reporting  
If you are the acquirer, you must file a separate Form  
1099-LS for each payment recipient with respect to each  
interest in a life insurance contract you acquired in a  
reportable policy sale. Enter the name, address, and  
taxpayer identification number (TIN) of the payment  
recipient, the name of the issuer of the life insurance  
contract, the policy number of the life insurance contract,  
the amount paid to the payment recipient, and the date of  
the sale. See Regulations section 1.6050Y-2.  
General Instructions  
This form is used by the acquirer of any interest in a life  
insurance contract (also known as a life insurance policy)  
in a reportable policy sale to report the acquisition. In  
general, a reportable policy sale is any direct or indirect  
acquisition of any interest in a life insurance contract if the  
acquirer, at the time of the acquisition, has no substantial  
family, business, or financial relationship with the person  
insured under that contract, apart from the acquirer’s  
interest in such life insurance contract. See section 101(a)  
(3). Certain exceptions may apply. See Regulations  
section 1.101-1(c)(2). The acquisition of an interest in a  
partnership, trust, or other entity that holds an interest in a  
life insurance contract may be an indirect acquisition of  
that interest in a life insurance contract and may be a  
Payment Recipient  
In general, a reportable policy sale payment recipient  
(payment recipient) is any person that receives a  
reportable policy sale payment in a reportable policy sale.  
A payment recipient may include any seller in the  
reportable policy sale (any person that holds an interest in  
a life insurance contract and transfers that interest, or any  
part of that interest, to an acquirer in a reportable policy  
sale), as well as any broker or other intermediary that  
retains a portion of the cash or other consideration  
transferred in the reportable policy sale. See Regulations  
Nov 20, 2019  
Cat. No. 71418S  
section 1.6050Y-1(a)(16)(i) for the definition of a  
reportable policy sale payment recipient and section  
1.6050Y-1(a)(18)(i) for the definition of seller. However, a  
person other than a seller is not a payment recipient if that  
person received aggregate payments of less than $600  
with respect to a reportable policy sale. See Regulations  
section 1.6050Y-1(a)(16)(ii).  
For more information about the requirement to furnish a  
statement to the payment recipient and the issuer, see  
part M in the current General Instructions for Certain  
Information Returns.  
Truncating recipient’s TIN on payment recipient  
statements. Pursuant to Regulations section  
301.6109-4, all filers of this form may truncate the  
payment recipient’s TIN (social security number (SSN),  
individual taxpayer identification number (ITIN), adoption  
taxpayer identification number (ATIN), or employer  
identification number (EIN)) on statements furnished to a  
payment recipient (Copy B). Truncation is not allowed on  
any documents the filer files with the IRS. An acquirer’s  
TIN may not be truncated on any form. See part J in the  
current General Instructions for Certain Information  
Returns.  
Issuer  
The issuer is the person responsible for administering the  
life insurance contract, including collecting premiums and  
paying death benefits under the contract, on the date a  
Form 1099-LS is required to be furnished under section  
6050Y(a), or their designee. See Regulations section  
1.6050Y-1(a)(8)(i), (ii), and (iv).  
Policy Number  
The policy number is the unique identifying number  
assigned to the life insurance contract by the issuer  
named on the Form 1099-LS.  
Rescission of Reportable Policy Sale  
If a reportable policy sale is rescinded and you have filed  
a Form 1099-LS with respect to the reportable policy sale,  
you must file a corrected Form 1099-LS within 15  
Statements to Payment Recipient and Issuer  
calendar days of the receipt of notice of the rescission. If a  
reportable policy sale is rescinded and you have furnished  
a statement with respect to the reportable policy sale to a  
payment recipient or issuer, you must furnish the recipient  
of that statement with a corrected statement within 15  
calendar days of the receipt of notice of the rescission.  
See Regulations section 1.6050Y-2(e).  
If you are required to file Form 1099-LS, you must  
generally furnish a statement or acceptable substitute to  
each payment recipient and to the issuer, as shown in the  
table below. The requirement to furnish a statement to the  
issuer applies only with respect to a Form 1099-LS filed  
with respect to the seller and only if your acquisition of an  
interest in a life insurance contract in a reportable policy  
sale is a direct acquisition. See Regulations section  
1.6050Y-2(d)(2)(i). Statements furnished to the issuer  
should be directed to the administrative office that,  
pursuant to the life insurance contract, processes  
transfers of ownership. You may not have to furnish  
statements to the payment recipient and issuer if another  
acquirer or third party information reporting contractor  
reports on your behalf under the unified reporting  
provisions of Regulations section 1.6050Y-2(b).  
Specific Instructions  
Box 1. Amount Paid to Payment Recipient  
Enter the total amount paid to the payment recipient in the  
reportable policy sale. The acquirer is not required to  
report this information to the issuer of the life insurance  
contract. Reporting the amount paid to the payment  
recipient is therefore optional on Copy C.  
Box 2. Date of Sale  
Enter the date of the reportable policy sale.  
IF the statement is for the...  
Payment recipient  
Issuer  
THEN use...  
Copy B  
Copy C  
-2-  
Instructions for Form 1099-LS (Rev. 12-2019)