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#3
02-28-2006, 05:10 AM
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 Re: Life insurance premium tax deductible? lk wrote: - quote - > Hi group, I was wondering if individual life insurance
Life insurance premiums are NOT deductible, in any way,> premium paid by the tax payer is tax deductible in 1040? If > so, is it an above the line or bellow line deduction? Please > help me to shed some light on it.. I appreciate your help. shape or form. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
02-27-2006, 10:06 PM
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| Re: Life insurance premium tax deductible? "lk" <jpbbabin[at]gmail.com> wrote: - quote - > Hi group, I was wondering if individual life insurance
In almost every case, the answer is no.> premium paid by the tax payer is tax deductible in 1040? If > so, is it an above the line or bellow line deduction? Please > help me to shed some light on it.. I appreciate your help. Ira Smilovitz << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
02-27-2006, 09:46 PM
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| Re: Life insurance premium tax deductible? - quote - > Hi group, I was wondering if individual life insurance
No they are not deductable. But then, the proceeds are> premium paid by the tax payer is tax deductible in 1040? If > so, is it an above the line or bellow line deduction? Please > help me to shed some light on it.. I appreciate your help. usually not taxable when you collect them. Missy Doyle << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-27-2006, 09:27 PM
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| Re: Life insurance premium tax deductible? "lk" <jpbbabin[at]gmail.com> wrote - quote - > Hi group, I was wondering if individual life insurance
Nope. It's not.> premium paid by the tax payer is tax deductible in 1040? -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-27-2006, 08:37 AM
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| Life insurance premium tax deductible? Hi group, I was wondering if individual life insurance premium paid by the tax payer is tax deductible in 1040? If so, is it an above the line or bellow line deduction? Please help me to shed some light on it.. I appreciate your help. thanks lk << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| deductible, insurance, life, premium, tax |
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