☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Feb 13, 2020 2:09:59 PM

I entered the amount of my 1099-LS in turbo tax income but there was no place to put the amount I paid for the policy

0 3 3699
3 Replies
Expert Alumni
Feb 13, 2020 5:08:22 PM

 

There is not a specific place to post a 1099-LS.  However, to take advantage of the premium payments we will post it to Investment.

  1. INCOME
  2. I'll choose what I work on
  3. Scroll down to Investment income
  4. Select Stocks, Bonds etc...
  5. No you did not get a 1099-B
  6. Type of investment you sold Everything Else
  7. Description is 1099-LS Life Ins., Amount and Date
  8. It may ask for the date a second time
  9. You Purchased the property
  10. Now you can post cost basis and date

Level 1
Feb 16, 2020 4:31:36 PM

I followed  the steps for the 1099-LS and entered the purchase price  but they only gave me a $3000 loss and  the entire $6447 is non-taxable'

Expert Alumni
Feb 17, 2020 9:36:12 AM

This was a Capital Loss.  Capital losses are limited to a deduction of $3,000 a year.  You got that $3,000 in 2019.  In your documents you will find a Capital Loss Carryover Worksheet. It will reflect the balance of $3,447.  If you have no other capital asset activity you will get deductions of $3,000 in 2020 and $447 in 2021.