Which insurance premiums can be deducted in the tax return?
July 24, 2022 | 30,00 EUR | answered by Wolfgang Lenzner
Dear tax consultant,
I hope you can help me with my question. My name is Babette Keck and I am currently dealing with my tax return. I am married and have two children. My husband works full-time and I am employed part-time. We have taken out various insurances, such as private health insurance, disability insurance, and liability insurance.
My question is, which insurance premiums we can deduct in our tax return. I am unsure whether all the insurances we pay for are tax deductible or if there are any limitations. I am worried that we might be missing out on money by not claiming insurance premiums in our tax return.
Could you please explain to me which insurance premiums we can deduct and how we need to declare them in our tax return? Are there specific requirements that need to be met in order for insurance premiums to be tax deductible? I would greatly appreciate your help and advice on this matter.
Thank you in advance.
Sincerely,
Babette Keck
Dear Mrs. Keck,
Thank you for your question regarding the deductibility of insurance premiums in your tax return. It is understandable that you are thinking about how you can possibly save money by claiming certain expenses on your taxes.
In general, you can deduct various insurance premiums in your tax return, but there are restrictions and requirements that must be met. Deductible insurances typically include contributions to health insurance, long-term care insurance, liability insurance, disability insurance, accident insurance, and also statutory pension insurance.
It is important to note that only contributions to insurances that serve the purpose of risk protection are tax deductible. This mainly includes insurances related to health, earning capacity, or retirement provision. Contributions to pure capital life insurances or private pension insurances are usually not deductible.
To correctly report the insurance premiums in your tax return, you will need the corresponding receipts from the insurance companies. You should keep these receipts carefully and attach them to your tax return when needed. In the section on pension expenses in your tax return, you can then enter the deductible contributions.
It is also important to mention that there are certain limits for the deductibility of insurance premiums. These limits can vary depending on the type of insurance and individual situation. Therefore, it is recommended to seek individual advice from a tax advisor to ensure that all deductible contributions are correctly reported.
I hope this information was helpful to you. If you have any further questions, please feel free to contact me.
Best regards,
Wolfgang Lenzner
