Is Disability Income Insurance Tax Deductible?
.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.No, Disability Income insurance is not usually tax deductible. But if you do need to collect on your disability insurance policy during a time of being unable to work, that income from your insurance policy is tax free. This stretches those income dollars at a time when you really need them.Answered on September 29, 2014flag this answer
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNThe only way disability insurance premiums are tax deductible are an employer purchasing a group plan for the employees. The premiums are deducted by the company and any benefits drawn by the employee are considered taxable income. If you purchase an individual disability insurance plan the premiums are not tax deductible but any benefits drawn would then be tax free.Answered on September 29, 2014flag this answer
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
