Taxation of death benefits - Instructions for tax return

07-12  Source: Network gathering  Views:2 

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Taxation of death benefits - Instructions for tax return

Obtaining death benefits may be tax-free.

Taxation of benefits from life insurance policies

In a death benefit is a life insurance policy. Taxation is therefore analogous to life insurance. This applies to both the accumulation phase as well as for the performance event.

  • With the enactment of the Retirement Income Act on 1.5.2005 you can no longer make tax-deductible contributions to funeral expenses insurance.
  • It does not matter if you pay the premiums for the death benefit in installments or have agreed to a one-time payment.
  • The taxation when providing benefits is determined by two circumstances.

Death grants as financial relief of the survivors

Costs of funerals are enormous. Funeral expenses insurance are small life insurance without major health exams and serve to cover the costs associated with the funeral costs.

  • In case there is no power taxation for death benefits.
  • The condition is that you get the performance due to the death of the insured person and the person entitled to have.
  • Anders, however, the case is supported if you receive the death benefit in case of death of the insured person due to a donation. At this moment the services are liable to inheritance tax.
  • If you redeem a current contract, the income subject it to taxation. The income is the difference between the proceeds and contributions paid. If the buyback after age 60, the income is taxable only halfway.
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