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Alimony Deduction -- Does It Include Court-ordered Life Insurance?

Question by BeckyBeq | Posted in United States

If there is a court straighten out that a person pay for a life insurance policy with the ex-spouse as beneficiary, do the payments for the life insurance count as alimony for deduction purposes?
Yep, patently this judge did order it, no clue why. May have to do with college-age kids to help with education expenses or possibly the judge just didn't like him.

Answer: Yes it is alimony and you can subtract this.
"Life insurance premiums. Alimony includes premiums you must pay under your divorce or separation prime mover for insurance on your life to the extent your spouse owns the policy."
Source: IRS publication 17: Your Unique Income Tax.
 
 

How Does One Calculate Tax Deduction If A Payment Is Made On Life Insurance Loan?

Question by hobbit | Posted in Canada

In Canada, if you take on face value of whole life policy, there is a taxable benefit. Conversely, when a payment is made, there is a tax merit. I am trying to figure if I get a better bang for my buck by repaying loan or a partition or just making straight RRSP contribution

Answer: Borrowing riches is not a taxable event.

Withdrawing money from your whole life policy would be taxable. If that is what you did, then you first need to pass muster to see whether you can put the money back. For most whole life policies, this is not allowed.

If you can deposit money into your insurance policy, then your return on investment is whatever dividends the method pays. It will depend a lot on how old your policy is.

The return on your RRSP investment

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Is Life Insurance An Itemized Deduction?

Question by Ednaa | Posted in Other - Taxes


Answer: Life insurance is not considered an itemized deduction. Fettle insurance is considered an itemize deduction.

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Tax Question - Can One Get Any Deduction From Life Insurance Premiums. (not Long Term Care)?

Question by Brick | Posted in Canada


Answer: No, that's a disparaging expense, not deductible.

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Life Insurance Tax Deductions?

Question by ct_talent_scout | Posted in Insurance

Can anyone describe how a client gets a business owner gets a tax deductions for life insurance premiums? Not as a affair expense, but a deduction against their income?
***OK** I think LB06029 is on the right track, but to clarify..... I heard that a trade owner can put pre-tax money into a life insurance policy and get a deduction against their income from the business as a result. Meaning, A concern owner has an extra 100K from the business, so they put it into a life insurance policy that

Answer: Cleave 412(i) of the IRC. Split the money between an Annuity and a Life Insurance policy. Premiums are usually 100K a year littlest. Business owner sets up a 412i plan, puts qualified (pre-tax) moneyed into the plans, writes off the premium against their income for the year, pulls the money out at retirement. Needs to be a unwavering annuity and a whole life policy. Has to get a third party TPA as well. It's well worth it (for now) 412i has come under a lot of pressure lately. Don't recall it's future.

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