Federal Tax Considerations

Question 1

Individual Disability insurance taxation?

Answer 1

Premiums: Not deduct
Benefits Not Taxable

Question 2

Group Disability Insurance taxation ?

Answer 2

Premiums Deduct for Employer
Benefits TAXABLE

Question 3

Individual Medical Insurance Taxation?

Answer 3

Premiums: Not Deduct
Benefits: Not Taxable

Question 4

Group Medical Insurance Taxation ?

Answer 4

Premiums: Deduct by Employer
Benefits: Not Taxable

Question 5

Individual Long Term Care Taxation?

Answer 5

Premiums & Benefits
Not Deduct Not Taxed

Question 6

Individual Medicare Supplement taxation?

Answer 6

Premiums: Deduct for employer
Benefit: Not taxable

Question 7

Buy Sell Agreement taxation ?

Answer 7

Premiums: Not Deduct
Benefits: Not Taxable

Question 8

Key Persons Insurance Taxation?

Answer 8

Premiums: Not Deduct
Benefits: Not taxed

Question 9

Business Overhead Exp taxation ?

Answer 9

Premium: Deduct for employer
Benefits: Taxable

Question 10

Medical Savings Acct MSA Taxation?

Answer 10

Premium: Deduct
Benefits: Not Taxable for med exp

Taxable at end of year

Question 11

Flexible Spending Acct taxation ?

Answer 11

Premiums: Not Deduct
Benefits: Not taxable

Question 12

Health reimbursement acct taxation ?

Answer 12

Premiums: Deductible
Benefits: Not Taxable

Question 13

Health Savings Acct Taxation?

Answer 13

Premiums: Deductible
Benefit:
Not Taxable for med exp
Taxable and 20% fine when under 65