Is Disability Insurance Deductible?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaIf you have a business with operational expenses you may be able to deduct disability insurance premiums. Keep in mind that having disability insurance deducted as a business expense can increase the amount of coverage up to 80% of your compensation. However, any benefits paid out with be taxed as ordinary income at your effective tax bracket rate.Answered on July 25, 2013+01+1 this answer
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63333 POINTSview profilePeggy MaceMost of the U.S.For the average person with an individual disability policy, the answer is no, disability insurance is not tax deductible. However, then if a disability occurs, and the need for the policy to pay out, the payments received will not be taxed. However way you are able to set it up, either the premiums are taxed or the benefit is taxed.Answered on July 25, 2013flag this answer
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