What type of income is group term life insurance, when doing an income tax return?
What type of income is group term life insurance, when doing an income tax return?
There are so many types of income, but under which one does it go?
Best answer:
Answer by newjerseyguy
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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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.