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

[JohnB5677]

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

[arn4old]

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]

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.