turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
JohnB5677
Employee Tax Expert

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.

  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
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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'

JohnB5677
Employee Tax Expert

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Manage cookies