turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Yes No
kimae1980
New Member

I make payments to an IUL retirement/life insurance plan, can I deduct those payments?

It is a retirement plan I set up outside of work
posted
‎June 4, 2019 2:18 PM
last updated ‎June 04, 2019 2:18 PM
0
2
1,160
Reply
Bookmark Icon
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
jerry2000
Alumni
Alumni

I make payments to an IUL retirement/life insurance plan, can I deduct those payments?

No. That is not a deductible expense.

View solution in original post

‎June 4, 2019 2:18 PM
0
1,136
Reply
Bookmark Icon
2 Replies
jerry2000
Alumni
Alumni

I make payments to an IUL retirement/life insurance plan, can I deduct those payments?

No. That is not a deductible expense.
‎June 4, 2019 2:18 PM
0
1,137
Reply
Bookmark Icon
Jorgeedgardo23
New Member

I make payments to an IUL retirement/life insurance plan, can I deduct those payments?

You can't deduct those payments from the IUL because they are not retirement plans. You got a Life Insurance Contract and life insurance is not designed for the purpose of Retirement.  

‎August 1, 2023 9:16 PM
0
574
Reply
Bookmark Icon

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Featured forums
Taxes
Lower Debt
Investing
Self-Employed
All topics

Unlock tailored help options in your account.

Live Assisted: Get answers to all your tax questions! Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Live Assisted. Explore your options!
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

KarenL
nex
jays1951-gmail-c
Sachaaa
Rprincessy

Did the information on this page answer your question?

thumb-up Yes
thumb-down No
close icon
checkmark

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

and start working
on your taxes

File your taxes, your way

Get expert help
or do it yourself.

Get started
close icon
icon help

Access additional help, including our tax experts

Post your question

to receive guidance
from our tax experts and community.

Connect with an expert

Real experts - to help
or even do your taxes for you.

Get started