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Level 2

Question

How do I file 1099-ls deductions?

Forum|Forum|3 years ago
April 1, 2023
1 reply
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TurboTax Online

Level 15

What kind of 1099? 1099NEC 1099Misc 1099R etc? Why did you get it?

dontocherAuthor

Level 2

I sold my Lincoln "flexible premium adjustable life policy" which had a payoff of $250K for $45K to Coventry Direct.

Got a 1099-LS showing the $45K.

as of inception in 2004 I have paid in $64, 260 in premiums.

I cannot find anything on the IRS site, nor on TurboTax (which I use) that speaks to how one might declare a basis against apparent 'profit' here.

Thanks, Don