Can I Deduct Disability Insurance Premiums On My Taxes?

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   Tim Wilhoit

   Owner, Your Friend 4 Life, Brentwood TN

   Not unless the tax laws change. The only tax deductibility I am aware of is if you are a business owner purchasing disability for your employees. If you are an individual and you purchased your own disability insurance policy, those premiums are not tax deductible. You really don't want them to be deductible because there is an upside. If you pay your own premiums and they are not deducted, if you become disabled and draw benefits, those benefits are not taxable because you paid the premiums. Always consult with a professional tax advisor because IRS rules change.

   Answered on August 15, 2014

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