Life insurance premium tax deductible?


L

lk

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
 
Last edited by a moderator:
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P

Paul Thomas, CPA

lk said:
Hi group, I was wondering if individual life insurance
premium paid by the tax payer is tax deductible in 1040?
Nope. It's not.
 
Last edited by a moderator:
M

Missy

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.
No they are not deductable. But then, the proceeds are
usually not taxable when you collect them.

Missy Doyle
 
Last edited by a moderator:
I

Ira Smilovitz

lk said:
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.
In almost every case, the answer is no.

Ira Smilovitz
 
Last edited by a moderator:
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H

Herb Smith

lk said:
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.
Life insurance premiums are NOT deductible, in any way,
shape or form.
 
Last edited by a moderator:

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