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Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
Haven Walter
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Can you deduct life insurance premiums on taxes?
No
Can a Self employed person deduct health insurance premiums on their taxes?
Yes, beginning in tax year 2010, you can deduct health insurance premiums when arriving at income subject to SE tax.
Can you deduct life insurance on taxes?
Generally as personally owned life insurance you would not deduct the premiums on your taxes. This would make the normally nontaxable death benefit subject to taxation.
Can you deduct cancer insurance from your taxes?
Generally, the premiums are not deductible, and benefits would not be taxable income.
Can you deduct group insurance premiums on taxes?
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
What is formulated into payroll tax deductions?
You will always want to deduct any taxes that are paid out of your income. You can also deduct premiums for life insurance, as well as other types of insurance.
Can you deduct your life insurance premiums?
no
Can you deduct health insurance premiums you paid?
If you file Schedule A (long form) you can deduct your health insurance premiums as a medical expense. If you pay this through your employer, most likely you have it paid from pre-tax income such as through a cafeteria plan, then you are not allowed to deduct the premiums.
Is buy sell agreement disability income insurance premiums tax deductible?
No. Also, it is probably not a good idea to try and deduct the premiums for diability or life insurance because if you deduct the premiums or if the employer pays the premiums then any benefits are then taxable. You certainly would not want to have to pay income tax on a large life insurance benefit just because you wanted to deduct a few hundred dollars of insurance premiums.
Can you deduct insurance premiums as a medical expense on federal taxes?
Can I add my monthly health insurance payment from my employer to my medical deductions, such as medications prescribed, office visits, etc..
Can you deduct long term disability insurance premiums on taxes?
No, you cannot deduct premiums paid on disability insurance policies. Two scenarios, first if your employers pays the premiums you would receive the disbursements as taxable income. If you pay your own premiums, then you would receive the disbursements tax free. Either way, you cannot deduct on your individual income tax the premiums paid. Think about it! If your employer paid the premiums, there was no expense to you, hence no deduction!. If you paid the premiums, you do have an expense BUT you are receiving the disbursements tax free and therefore could not take a deduction!
Can you deduct house insurance from your taxes?
No.
