Is Life Insurance premium deductible for my business? I'm self employed. I use schedule C for my business income and expense.

Forum|Forum|7 years ago
June 5, 2019
1 reply
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TurboTax Home & Biz Windows

Best answer by MargaretL

No, life insurance premiums are not deductible, unfortunately. The IRS does not allow a deduction life insurance premiums or death insurance; they do not consider this as a cost of doing business.

Below publication lists other insurances that may be deductible as a business expense.

Publication 535-Business Expenses

MargaretLAnswer

Level 12

No, life insurance premiums are not deductible, unfortunately. The IRS does not allow a deduction life insurance premiums or death insurance; they do not consider this as a cost of doing business.

Below publication lists other insurances that may be deductible as a business expense.

Publication 535-Business Expenses

mara1

Level 2

According to the publication you linked, it IS. "Life insurance covering your officers and employees if you aren’t directly or indirectly a beneficiary under the contract."

hameshatumkochaha

Level 4

Exactly. It is confusing. Intuit person said it is not deductible but the IRS pub 535 shows under Deductible Premiums that "10. Life insurance covering your officers and employees if you aren’t directly or indirectly a beneficiary under the contract." Could someone from Intuit please clarify?