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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
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.
- INCOME
- I'll choose what I work on
- Scroll down to Investment income
- Select Stocks, Bonds etc...
- No you did not get a 1099-B
- Type of investment you sold Everything Else
- Description is 1099-LS Life Ins., Amount and Date
- It may ask for the date a second time
- You Purchased the property
- Now you can post cost basis and date
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February 13, 2020
5:08 PM
2,386
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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
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'
February 16, 2020
4:31 PM
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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
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.
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February 17, 2020
9:36 AM
2,369
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