IRS Form 1099-SB (Tax Year 2025)
Seller's Investment in Life Insurance Contract
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The IRS now requires electronic filing if you have more than 10 information returns in total (combined across all types such as 1099, W-2, 1098, etc.).
Key Details
Paper filing is only allowed if you have 10 or fewer total returns across all forms.
If your combined total exceeds 10, you must e-file instead of paper filing.
To stay compliant, many organizations are turning to third-party e-file providers.
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Our software and outsourcing services can handle all filing needs:
Original Filings – Submit brand-new information returns with ease.
Corrections – Quickly fix and resubmit forms that contain errors.
Prior Years – File late or amended returns for previous tax years.
Whether you’re submitting current forms, making corrections, or catching up on past obligations, we ensure your filings are accurate and compliant.
IRS Form 1099-SB is a tax form that insurance companies use to report the sale, transfer, or assignment of life insurance policies between companies.
Who Issues Form 1099-SB
The insurance company that originally held the policy issues Form 1099-SB. This happens when a life insurance policy is sold or transferred to another insurance company in exchange for a cash payment or other consideration.
Who Receives Form 1099-SB
The form is sent to the insurance company or entity that acquired the policy and to the IRS. The original policy owner (typically the individual insured) generally does not receive this form directly; instead, it goes to the acquiring party.
Purpose of Form 1099-SB
The form is used to report the cost basis of the policy being transferred. This is the amount originally paid into the policy plus any additional premiums, and it helps the new policy owner understand their tax liability.
Due Date
The issuing insurance company must provide Form 1099-SB to the new owner by January 31 and file it with the IRS by February 28 if filed on paper, or by March 31 if filed electronically.
