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April 7, 2022
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prepaid insurance

  • April 7, 2022
  • 1 reply
  • 20 views

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

    Best answer by ThomasM125

    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.

    1 reply

    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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