Practice Quiz

Health and Life Insurance

Category - Tax Issues

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With regard to federal income taxes, the premiums that are paid into a personal life insurance policy are __________.
  1. Fully deductible
  2. Partially deductible
  3. Not deductible if they are a business expense
  4. Not deductible as they are considered a personal expense
Explanation
Answer: D - With regard to federal income taxes, the premiums that are paid into a personal life insurance policy are not deductible. This is because they are considered to be a personal expense. Personal expenses are not typically deductible on one's federal income tax return.
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