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Federal Taxation

TN Accident & Health (Federal Taxation of Health Insurance)

Beneficial What does Advantageous mean?
Taxation of Disability Income Insurance Premiums that INDIVIDUALS pay for disability income policies they own are NOT tax-deductible. But the BENEFITS the policy pays are received entirely tax free.
Taxation of Disability Income Insurance When a person owns a disability income policy but the EMPLOYER pays the premiums, the BUSINESS can deduct the premiums and premium payments are NOT considered taxable to the EMPLOYEE. Any BENEFITS paid to the employee are taxable income to him/her.
Taxation of Medical Expense Insurance Premiums may be included with other nonreimbursed medical expenses and may be deducted to the extent the sum of those expenses exceed a certain percentage of the individuals adjusted gross income (AGI)
10% A person is allowed to deduct medical expenses that exceed ____ % of his of her adjusted gross income (AGI)
7.5% Those who are atleast 65 years old in 2015 are allowed to deduct unreimbursed medical expenses that exceed ____% of adjusted gross income (agi)
Cafeteria Plan Employees have a "menu" or choice of benefits they can choose from...
Pre-tax health insurance premium deductions Employee withholdings are used to fund their premium contributions to the employer-sponsored group health plan or plans on a before-tax basis.
Unreimbursed medical expenses Employee withholdings are used to fund out-of-pocket costs for health and medical care that insurance DOES NOT REIMBURSE. These costs include annual deductibles and co-payments. These types of accounts are also called flexible spending accounts.
Disability Buy-Out Insurance This insurance is considered a discretionary expense and premiums are not tax-deductible. Policy benefits are re received tax-free.
Business Overhead Expense Policy Benefits are taxable in the year received. benefits are based on a schedule of actual expenses, which are typically deductible as reasonable and ordinary business expenses.
Key person Disability Income Policy Policy benefits are paid to the business, premiums are not tax-deductible. benefits are also income tax-free.
Created by: Tiphanie_Dyme
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