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April 7, 2022
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prepaid insurance

Can I deduct an insurance premium payment made on Dec 29, 2020 for January 2021 in tax year 2021?

    ThomasM125Answer
    Alumni - Intuit
    April 7, 2022

    You could only do that if you weren't obligated to pay the bill in December. In that case, it would be considered prepaid, and then deductible in 2021.

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    ThomasM125Answer
    Alumni - Intuit
    April 7, 2022

    You could only do that if you weren't obligated to pay the bill in December. In that case, it would be considered prepaid, and then deductible in 2021.

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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