adifusco
Level 2
10-02-2022
09:06 PM
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Client was terminally ill in 2021 so she sold her life insurance. She received a 1099-LS and 1099-SB. There is an amount in Box 1 for both forms. How do I account for this on form 1040? A tax attorney told her the sale of the life insurance policy was not taxable due the terminal illness. In 2022 she is still battling cancer.
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