The short answer
| What it reports | Seller’s investment in a life insurance contract as determined by the issuer. |
|---|---|
| Amounts to report | All amounts |
| To the recipient | February 15 (except as provided in Regulations section 1.6050Y-3(d)(2)) |
| To the IRS, on paper | February 28 (except as provided in Regulations section 1.6050Y-3(c)) |
| To the IRS, electronically | March 31 |
If one arrives
It gives you the basis that a 1099-LS does not.
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.