Are life insurance payments tax deductible?
By sedel1027
@sedel1027 (17846)
Cupertino, California
October 2, 2008 12:26am CST
Since I was going over hubby's W2 tonight, I remember that we had paid out a good bit this year in medical and dental insurance payments. I was wondering, are life insurance payments tax deductible?
Side note: yes I know it is only October, but I gather - and organize - stuff for tax season all year long. By Jan 1 all I am waiting for are any W2s I need to file.
2 responses
@stephcjh (38473)
• United States
2 Oct 08
I don't think so. We have carried life insurance for years and our tax preparer has never mentioned it to us before. I'm not sure if an employer can claim it either if they pay a portion of it.
@sedel1027 (17846)
• Cupertino, California
6 Oct 08
I just figured I would ask LOL I didn't' think they would be but when I started thinking about medical insurance payments being deductible, I couldn't see why life insurance wouldn't be.
@AKRao24 (27424)
• India
2 Oct 08
I think this is a technical question and has to be tackled by a qualified Tax Expert who can advice you! I feel you should contact your Tax consultant and have the needful done within the time instead of posting such serious questions here in this forum! Thanks!
@sedel1027 (17846)
• Cupertino, California
2 Oct 08
So, I need to ask...myself! LOL I don't have a tax expert, I file my own taxes. I do know a few CPAs though, can't say I trust them much. One of them is my brother and he messed up his own taxes!
