Can an individual who works for a company deduct any insurance like Aflac, Life, etc?
Posted on November 25th, 2008 in Burial Insurance
willnd asked:
I work for a company and pay for part of my Blue Cross. I pay for all of my Aflac and half of my life insurance. What percent am I allowed to deduct. Also, can I deduct for external life insurance and burial insurance. Thanks
I work for a company and pay for part of my Blue Cross. I pay for all of my Aflac and half of my life insurance. What percent am I allowed to deduct. Also, can I deduct for external life insurance and burial insurance. Thanks
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Tags: Insurance, Insurance Life
This post has 2 comments
November 28th, 2008
the medical insurance (our reason for having aflac) is usually run through a cafeteria plan (doesn’t show up as wages on your w-2 except in box 13-or somesuch number) If your company doesn’t have a cafeteria plan you should be able to deduct 100%. The life insurance we don’t use but I believe the same rules apply. I would go to the IRS website and research your questions there to be certain of the answers.
November 29th, 2008
You can deduct 0% on life and burial insurance premiums. These are not tax write-offs for an individual. If you want to see what you can write off, look at a Schedule A form from a 1040 long form. Everything is listed there. Go to the IRS website and you can look at the form.
Perhaps you would like to repost this question under taxes. This is not an insurance question, it is a tax question.
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