There is not a specific place to post a 1099-SB or LS.
The sale of a life insurance policy typically falls under capital gains tax rules.
To take advantage of the premium payments we will post it to Investment.
- Federal > Wages & Income
- Scroll down to Investments and Savings
- [+ Add Investment]
- Enter a different way
- Select Other
- Enter the name of the person or financial institution that brokered this sale
- Now, enter one sale for XXXX
- What type of investment did you sell? Other
- How did you receive this investment? I purchased it
- Description Sale of Insurance policy
- Enter the acquired and the sale dates
- Enter the proceeds (Amount you were paid for the policy)
- Enter Cost or other basis (The amount you paid, or total of premiums for the policy)
It would appear you don't do anything with 1099-SB. Please see this What do I do with Form 1099-SB? for more information.
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