The short answer
| What it reports | Payments made to a payment recipient in a reportable policy sale. |
|---|---|
| Amounts to report | All amounts*** |
| To the recipient | (To Reportable Policy Sale Payment Recipient) February 15, (To Issuer) January 15 or earlier as required by Regulations section 1.6050Y-2(d)(2)(i)(A) |
| To the IRS, on paper | February 28 |
| To the IRS, electronically | March 31 |
If one arrives
Filed by the buyer of the policy. Pair it with the 1099-SB from the issuer to work out the gain.
The form is how a payer tells the IRS what it paid. Its absence is not permission — income you received is reportable whether or not a form covers it, and a threshold decides only who must file, never what you owe.
This page is for educational purposes only and does not constitute tax, legal, or financial advice. It covers United States federal reporting. Consult a qualified tax professional about your situation.