Information Reporting for Certain Life Insurance Contract Transactions
Extension without change of a currently approved collection
No
Regular
12/31/2021
Requested
Previously Approved
36 Months From Approved
12/31/2021
6,000
6,000
720
720
0
0
The collection covers the information reporting requirements for certain life insurance contracts under IRC 6050Y, which was added by the Tax Cuts and Jobs Act (TCJA). Form 1099-LS is used by the acquirer of any interest in a life insurance contract (also known as a life insurance policy) in a reportable policy sale to report the acquisition. Form 1099-SB is used by the issuer of a life insurance contract (also known as a life insurance policy) to report the sellerâs investment in the contract and surrender amount with respect to an interest in a life insurance contract transferred in a âreportable policy saleâ or transferred to a foreign person .
US Code:
26 USC 6050Y
Name of Law: Returns relating to certain life insurance contract transaction
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form 1099-LS Reporting of Payments by Acquirer in a Reportable Policy Sale
Supporting Statement 1545-2281 (1099-LS, 1099-SB).docx
Reporting of Payments by Acquirer in a Reportable Policy Sale