IRS Updates 2018 General Instructions for Certain Information Returns

The IRS has released an updated 2018 General Instructions for Certain Information Returns. The IRS had previously released a final version of the 2018 General Instructions in January 2018, but they have since made some changes. Below is a list of the changes from the previous release:

  • The publication now includes instructions for new 1099 Forms: Form 1099-LS and Form 1099-SB. Form 1096 has also been updated to reflect the addition of two new forms due to P.L. 115-97
  • L. 115-97 imposes new information reporting obligations for reportable policy sales of life insurance contracts after December 31, 2017, and for payments of reportable death benefits after December 31, 2017. The IRS anticipates issuing new forms Form 1099-LS and 1099-SB to accommodate the reporting of information for reportable policy sales under sections 6050Y(a) and (b). Form 1099-R has been revised to accommodate the reporting of payments of reportable death benefits under section 6050Y(c).
  • Form 1099-LS (Reportable Life Insurance Sale)
    • Reports proceeds from a reportable life insurance sale
    • Reports all amounts
  • Form 1099-SB (Seller’s Investment in Life Insurance Contract)
    • Reports seller’s investment in a life insurance contract as determined by the issuer
    • Reports all amounts
  • New instructions
    • If you are filing Forms 1098-MA or 1099-H, write “1098-MA” or “1099-H” in the blank area above the “For Official Use Only” entry spaces.

To view the updated 2018 General Instructions, please click here.

Author

Adam Rivera

Adam Rivera is a member of the Regulatory Analysis Team’s Direct Tax division at Sovos. His main areas of focus are Federal and State Tax Withholding and Affordable Care Act (ACA) Reporting. Prior to Sovos, Adam worked as a legislative aide in the Florida House of Representatives. He also has experience in securities law, focusing on securities litigation and researching emerging crowdfunding methods of raising capital. Adam is a member of both the Massachusetts and Florida Bars. He earned his B.A. from the University of Florida and his J.D. from the University of Miami.
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