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No, you cannot deduct premiums paid on disability insurance policies. Two scenarios, first if your employers pays the premiums you would receive the disbursements as taxable income. If you pay your own premiums, then you would receive the disbursements tax free. Either way, you cannot deduct on your individual income tax the premiums paid. Think about it! If your employer paid the premiums, there was no expense to you, hence no deduction!. If you paid the premiums, you do have an expense BUT you are receiving the disbursements tax free and therefore could not take a deduction!

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Q: Can you deduct long term disability insurance premiums on taxes?
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Related questions

Can you deduct life insurance premiums on taxes?

No


Do you pay taxes if you are on disability and received a 1099?

It depends on how the premiums for the disability insurance were paid.


Can a Self employed person deduct health insurance premiums on their taxes?

Yes, beginning in tax year 2010, you can deduct health insurance premiums when arriving at income subject to SE tax.


Can you deduct life insurance on taxes?

Generally as personally owned life insurance you would not deduct the premiums on your taxes. This would make the normally nontaxable death benefit subject to taxation.


Can you deduct insurance premiums on taxes?

Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.


Can you deduct cancer insurance from your taxes?

Generally, the premiums are not deductible, and benefits would not be taxable income.


Can you deduct group insurance premiums on taxes?

Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.


What is formulated into payroll tax deductions?

You will always want to deduct any taxes that are paid out of your income. You can also deduct premiums for life insurance, as well as other types of insurance.


Do you have to pay taxes on your private disability insurance?

IF you paid the premiums with before income tax funds for this private disability insurance the amounts that you receive is NOT taxable income to you.


Do Employers have the right to deduct long term disability insurance premiums off your pay cheque without your consent?

At some time you had the opportunity to choose your benefits and you signed the application for the disability insurance. If you want the insurance you will have to pay for it. If not go to your personnel office and cancel it. You may have to wait until the renewal date if the company only lets you change benefits at certain times. The good part of you paying for the premiums of long term disability is that the benefits are not taxable if you ever get disabled. If the employer pays for the premiums or if it is paid for with before tax funds then the benefits are subject to income taxes.


Can you deduct insurance premiums as a medical expense on federal taxes?

Can I add my monthly health insurance payment from my employer to my medical deductions, such as medications prescribed, office visits, etc..


Do you have to pay taxes on a partial life insurance paid out due to total disability?

If I'm not mistaken, life insurance is paid out on death. It may have a clause that pays the premiums on it in event of disability, but that, like a policy that pays you on disability, is basically under a disability insurance benefit, not life insurance policy.