38294
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

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

Anonymous
Not applicable

I received a dividend from my auto insurance provider this year (New Jersey Manufacturers). Is this dividend taxable?

 
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
ToddL
New Member

I received a dividend from my auto insurance provider this year (New Jersey Manufacturers). Is this dividend taxable?

Unless you claimed a business deduction for your automobile insurance,  it is not taxable

While called a "dividend", it is a "return of premium paid". Automobile insurance premiums for personal-use of a vehicle are not deductible, so a return of any part of those premiums is not taxable.

View solution in original post

1 Reply
ToddL
New Member

I received a dividend from my auto insurance provider this year (New Jersey Manufacturers). Is this dividend taxable?

Unless you claimed a business deduction for your automobile insurance,  it is not taxable

While called a "dividend", it is a "return of premium paid". Automobile insurance premiums for personal-use of a vehicle are not deductible, so a return of any part of those premiums is not taxable.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question