IRS Releases Draft of New Information Return, 1099-SB

August 16, 2018 Gerry Nelligan

The IRS has released a draft for a new information return form that has been created as a result of the recently-passed Tax Cuts and Jobs Act. The new form is 1099-SB, Seller's Investment in Life Insurance Contract.

Form 1099-SB, which will be used for TY 2018 filing, will be used by insurance companies to report the policy number assigned to the life insurance contract transferred, the issuer’s estimate of investment in the life insurance contract, and the amount the seller would have received upon surrender of the transferred insurance contract. This is also a new requirement that stems from Section 6050Y(b) that requires the insurance company to file this return with the IRS and provide the seller a written statement containing the information required to be in the return.

To view the new form, please click the link below.

Form 1099-SB

About the Author

Gerry  Nelligan

Gerry Nelligan is a Regulatory Analysis Supervisor at Sovos, leading a team of counsels covering information reporting, including 10-Series IRS reporting, Affordable Care Act (ACA) reporting and Automatic Exchange of Information (AEOI). Gerry received his J.D. from Suffolk University Law School and his B.A. from Providence College. He is a licensed attorney in the state of Massachusetts.

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