Comments on: What type of income is group term life insurance, when doing an income tax return? http://niftyinsurance.com/united-states/what-type-of-income-is-group-term-life-insurance-when-doing-an-income-tax-return/ Cool Insurance Articles, Discussions, Tips & Quotes Mon, 30 Jan 2012 15:56:37 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: Hank Roitman, EA http://niftyinsurance.com/united-states/what-type-of-income-is-group-term-life-insurance-when-doing-an-income-tax-return/comment-page-1/#comment-192 Hank Roitman, EA Mon, 15 Dec 2008 03:00:40 +0000 http://niftyinsurance.com/what-type-of-income-is-group-term-life-insurance-when-doing-an-income-tax-return/#comment-192 If you are referring to code "c" in box 12 of form W-2, it is the cost of group term life insurance in excess of $50,000 of coverage, paid for by the employer. In other words, employers can provide ins. up to $50k; over that and the cost is included in the employee's income. The code "C" amount is already included in boxes 1,3& 5 of form W-2 because it is treated as "compensation", ie wage or salary. If you are referring to code “c” in box 12 of form W-2, it is the cost of group term life insurance in excess of $50,000 of coverage, paid for by the employer. In other words, employers can provide ins. up to $50k; over that and the cost is included in the employee’s income.

The code “C” amount is already included in boxes 1,3& 5 of form W-2 because it is treated as “compensation”, ie wage or salary.

]]> By: newjerseyguy http://niftyinsurance.com/united-states/what-type-of-income-is-group-term-life-insurance-when-doing-an-income-tax-return/comment-page-1/#comment-191 newjerseyguy Fri, 12 Dec 2008 19:32:21 +0000 http://niftyinsurance.com/what-type-of-income-is-group-term-life-insurance-when-doing-an-income-tax-return/#comment-191 Please clarify - are you saying that you received life insurance proceeds from someone's death or are you asking if term life insurance premiums that you pay are tax deductible? Please clarify – are you saying that you received life insurance proceeds from someone’s death or are you asking if term life insurance premiums that you pay are tax deductible?

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