- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
There are three possibilities for this charge.
1. Survivors Benefit Plan premium - This is a form of insurance policy that means if the person receiving the pension dies, his designated survivor will get monthly payments. This payment is not deductible.
2. Health insurance premium - If the retiree is enrolled in TriCare Prime, there is an annual enrollment fee. It can be paid through an allotment against his retired pay. This payment is deductible as a Medical Expense, but only if you itemize deductions (see below).
3. Dental insurance premium - If the retiree is enrolled in TriCare Retiree Dental Plan, there is an annual enrollment fee. It can be paid through an allotment against his retired pay. This payment is also deductible as a Medical Expense, but only if you itemize deductions (see below).