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Dustin Said:

Is the premium for universal life insurance tax deductible esp. when there os cash value ?

We Answered:

Insurance is NEVER a good investment strategy. If you wanted a tax deduction, a qualified retirement account would have been a better idea.

The cash surrender value (they always forget the surrender part) you may never get depending on if you have an option a or option b UL policy. Even then, it only goes to the beneficiary. Depending on your age, cash it out, get a term policy, and invest the rest in something that will get you better returns.

Judy Said:

The pre-tax deduction for health insurance premium listed on w-2 box 14 as sec 125?

We Answered:

You should be okay. NYS doesn't include 125 benefits in income.

Myrtle Said:

can i include my health insurance premium and deductible for tax refunds?

We Answered:

Like the above answerer states, you are only allowed to deduct medical expenses if you itemize your deductions. You are not allowed to deduct medical expenses if you take the standard deduction.

However, its not limited to 7.5% of your adjusted gross income, rather you may only deduct amounts that are OVER 7.5% of your adjusted gross income. So, for example, if your adjusted gross income is $30,000, 7.5% of that is $2,250.00. You may only deduct amounts that are over that $2,250.00. So, if you have $3000.00 in medical payments, you may only deduct $750.00. If you have $2,000 in medical payments, you may not deduct anything.

Hope that makes sense.

Neil Said:

Is Service Tax part of Medical Insurance premium deductible under Income Tax Act,1961?

We Answered:

Yes , service tax is very much part of insurance premium & the same is deductible in gross value of premium u/s 80 D