I have form 1099SB with no directions as to how to file or do I need to file? It is for the sale oo life insurance

Form 1099-SB, Seller's Investment in Life Insurance Contract, will be filed by the issuer of a life insurance contract if they receive a statement from an acquirer in a reportable policy sale provided under section 6050Y(a) or they receive notice of a transfer of the life insurance contract to a foreign person. You don't need to enter this form on your return. See here for more information about Form 1099-SB.

 

Form 1099-LS is issued to the person to whom payments were made to acquire a policy. In general, a reportable policy sale payment recipient (payment recipient) is any person that receives a reportable policy sale payment in a reportable policy sale. There is not a specific place to enter Form 1099-LS; you can enter your cost basis (premiums paid) and the amount you received in the Investments section of TurboTax:

 

1. Go to the INCOME section
2. Select "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 (if you acquired the policy by paying premiums)
10. Now you can enter the cost basis and date

 

If you received proceeds in excess of your basis (premiums paid), the excess is a capital gain from the sale of an investment.

 

See this thread for further discussion of this issue and this tax tips article regarding the taxability of life insurance.