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State Of Illinois Tax Filing Online

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State Of Illinois Tax Filing Online

State of illinois tax filing online Publication 571 - Introductory Material Table of Contents Future Developments What's New for 2013 What's New for 2014 Reminder IntroductionOrdering forms and publications. State of illinois tax filing online Tax questions. State of illinois tax filing online Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 571 and its instructions, such as legislation enacted after they were published, go to www. State of illinois tax filing online irs. State of illinois tax filing online gov/pub571. State of illinois tax filing online What's New for 2013 Retirement savings contributions credit. State of illinois tax filing online  For 2013, the adjusted gross income limitations have increased from $57,500 to $59,000 for married filing jointly filers, from $43,125 to $44,250 for head of household filers, and from $28,750 to $29,500 for single, married filing separately, or qualifying widow(er) with dependent child filers. State of illinois tax filing online See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information. State of illinois tax filing online Limit on elective deferrals. State of illinois tax filing online  For 2013, the limit on elective deferrals has increased from $17,000 to $17,500. State of illinois tax filing online Limit on annual additions. State of illinois tax filing online  For 2013, the limit on annual additions has increased from $50,000 to $51,000. State of illinois tax filing online What's New for 2014 Retirement savings contributions credit. State of illinois tax filing online  For 2014, the adjusted gross income limitations have increased from $59,000 to $60,000 for married filing jointly filers, from $44,250 to $45,000 for head of household filers, and from $29,500 to $30,000 for single, married filing separately, or qualifying widow(er) with dependent child filers. State of illinois tax filing online See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information. State of illinois tax filing online Limit on elective deferrals. State of illinois tax filing online  For 2014, the limit on elective deferrals remains unchanged at $17,500. State of illinois tax filing online Limit on annual additions. State of illinois tax filing online  For 2014, the limit on annual additions has increased from $51,000 to $52,000. State of illinois tax filing online Reminder Photographs of missing children. State of illinois tax filing online  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. State of illinois tax filing online Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. State of illinois tax filing online You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. State of illinois tax filing online Introduction This publication can help you better understand the tax rules that apply to your 403(b) (tax-sheltered annuity) plan. State of illinois tax filing online In this publication, you will find information to help you: Determine the maximum amount that can be contributed to your 403(b) account in 2014. State of illinois tax filing online Determine the maximum amount that could have been contributed to your 403(b) account in 2013. State of illinois tax filing online Identify excess contributions. State of illinois tax filing online Understand the basic rules for claiming the retirement savings contributions credit. State of illinois tax filing online Understand the basic rules for distributions and rollovers from 403(b) accounts. State of illinois tax filing online This publication does not provide specific information on the following topics. State of illinois tax filing online Distributions from 403(b) accounts. State of illinois tax filing online This is covered in Publication 575, Pension and Annuity Income. State of illinois tax filing online Rollovers. State of illinois tax filing online This is covered in Publication 590, Individual Retirement Arrangements (IRAs). State of illinois tax filing online How to use this publication. State of illinois tax filing online   This publication is organized into chapters to help you find information easily. State of illinois tax filing online    Chapter 1 answers questions frequently asked by 403(b) plan participants. State of illinois tax filing online    Chapters 2 through 6 explain the rules and terms you need to know to figure the maximum amount that could have been contributed to your 403(b) account for 2013 and the maximum amount that can be contributed to your 403(b) account in 2014. State of illinois tax filing online    Chapter 7 provides general information on the prevention and correction of excess contributions to your 403(b) account. State of illinois tax filing online    Chapter 8 provides general information on distributions, transfers, and rollovers. State of illinois tax filing online    Chapter 9 provides blank worksheets that you will need to accurately and actively participate in your 403(b) plan. State of illinois tax filing online Filled-in samples of most of these worksheets can be found throughout this publication. State of illinois tax filing online    Chapter 10 explains the rules for claiming the retirement savings contributions credit (saver's credit). State of illinois tax filing online Comments and suggestions. State of illinois tax filing online   We welcome your comments about this publication and your suggestions for future editions. State of illinois tax filing online   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. State of illinois tax filing online NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. State of illinois tax filing online Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. State of illinois tax filing online   You can send your comments from www. State of illinois tax filing online irs. State of illinois tax filing online gov/formspubs/. State of illinois tax filing online Click on “More Information” and then on “Comment on Tax Forms and Publications. State of illinois tax filing online ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. State of illinois tax filing online Ordering forms and publications. State of illinois tax filing online   Visit www. State of illinois tax filing online irs. State of illinois tax filing online gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. State of illinois tax filing online  Internal Revenue Service 1201 N. State of illinois tax filing online Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. State of illinois tax filing online   If you have a tax question, check the information available on IRS. State of illinois tax filing online gov or call 1-800-829-1040. State of illinois tax filing online We cannot answer tax questions sent to either of the above addresses. State of illinois tax filing online Useful Items - You may want to see: Publication 517 Social Security and Other Information for Members of the Clergy and Religious Workers 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) W-2 Wage and Tax Statement 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. State of illinois tax filing online 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5330 Return of Excise Taxes Related to Employee Benefit Plans Prev  Up  Next   Home   More Online Publications
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The State Of Illinois Tax Filing Online

State of illinois tax filing online 6. State of illinois tax filing online   Insurance Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Deductible PremiumsSelf-Employed Health Insurance Deduction Nondeductible Premiums Capitalized Premiums When To Deduct Premiums What's New Retiree drug subsidy. State of illinois tax filing online  Beginning in 2013, sponsors of certain qualified retiree prescription drug plans must account for the subsidy received by reducing the amount of qualified retiree prescription drug plans expense by the subsidy received (taking into account the taxpayer's accounting method). State of illinois tax filing online For more information, see the retiree drug subsidy frequently asked questions on IRS. State of illinois tax filing online gov. State of illinois tax filing online Introduction You generally can deduct the ordinary and necessary cost of insurance as a business expense if it is for your trade, business, or profession. State of illinois tax filing online However, you may have to capitalize certain insurance costs under the uniform capitalization rules. State of illinois tax filing online For more information, see Capitalized Premiums , later. State of illinois tax filing online Topics - This chapter discusses: Deductible premiums Nondeductible premiums Capitalized premiums When to deduct premiums Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 525 Taxable and Nontaxable Income 538 Accounting Periods and Methods 547 Casualties, Disasters, and Thefts Form (and Instructions) 1040 U. State of illinois tax filing online S. State of illinois tax filing online Individual Income Tax Return See chapter 12 for information about getting publications and forms. State of illinois tax filing online Deductible Premiums You generally can deduct premiums you pay for the following kinds of insurance related to your trade or business. State of illinois tax filing online Insurance that covers fire, storm, theft, accident, or similar losses. State of illinois tax filing online Credit insurance that covers losses from business bad debts. State of illinois tax filing online Group hospitalization and medical insurance for employees, including long-term care insurance. State of illinois tax filing online If a partnership pays accident and health insurance premiums for its partners, it generally can deduct them as guaranteed payments to partners. State of illinois tax filing online If an S corporation pays accident and health insurance premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages subject to federal income tax withholding. State of illinois tax filing online See Publication 15-B. State of illinois tax filing online Liability insurance. State of illinois tax filing online Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients. State of illinois tax filing online Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault. State of illinois tax filing online If a partnership pays workers' compensation premiums for its partners, it generally can deduct them as guaranteed payments to partners. State of illinois tax filing online If an S corporation pays workers' compensation premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages. State of illinois tax filing online Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law. State of illinois tax filing online Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness. State of illinois tax filing online Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. State of illinois tax filing online If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. State of illinois tax filing online If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums. State of illinois tax filing online Life insurance covering your officers and employees if you are not directly or indirectly a beneficiary under the contract. State of illinois tax filing online Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause. State of illinois tax filing online Self-Employed Health Insurance Deduction You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for yourself, your spouse, and your dependents. State of illinois tax filing online The insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. State of illinois tax filing online A child includes your son, daughter, stepchild, adopted child, or foster child. State of illinois tax filing online A foster child is any child placed with you by an authorized placement agency or by judgment, decree, or other order of any court of competent jurisdiction. State of illinois tax filing online One of the following statements must be true. State of illinois tax filing online You were self-employed and had a net profit for the year reported on Schedule C (Form 1040), Profit or Loss From Business; Schedule C-EZ (Form 1040), Net Profit From Business; or Schedule F (Form 1040), Profit or Loss From Farming. State of illinois tax filing online You were a partner with net earnings from self-employment for the year reported on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. State of illinois tax filing online , box 14, code A. State of illinois tax filing online You used one of the optional methods to figure your net earnings from self-employment on Schedule SE. State of illinois tax filing online You received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. State of illinois tax filing online Health insurance premiums paid or reimbursed by the S corporation are shown as wages on Form W-2, Wage and Tax Statement. State of illinois tax filing online The insurance plan must be established, or considered to be established as discussed in the following bullets, under your business. State of illinois tax filing online For self-employed individuals filing a Schedule C, C-EZ, or F, a policy can be either in the name of the business or in the name of the individual. State of illinois tax filing online For partners, a policy can be either in the name of the partnership or in the name of the partner. State of illinois tax filing online You can either pay the premiums yourself or your partnership can pay them and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. State of illinois tax filing online However, if the policy is in your name and you pay the premiums yourself, the partnership must reimburse you and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. State of illinois tax filing online Otherwise, the insurance plan will not be considered to be established under your business. State of illinois tax filing online For more-than-2% shareholders, a policy can be either in the name of the S corporation or in the name of the shareholder. State of illinois tax filing online You can either pay the premiums yourself or your S corporation can pay them and report the premium amounts on Form W-2 as wages to be included in your gross income. State of illinois tax filing online However, if the policy is in your name and you pay the premiums yourself, the S corporation must reimburse you and report the premium amounts on Form W-2 as wages to be included in your gross income. State of illinois tax filing online Otherwise, the insurance plan will not be considered to be established under your business. State of illinois tax filing online Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction. State of illinois tax filing online If you previously filed returns without using Medicare premiums to figure the deduction, you can file timely amended returns to refigure the deduction. State of illinois tax filing online For more information, see Form 1040X, Amended U. State of illinois tax filing online S. State of illinois tax filing online Individual Income Tax Return. State of illinois tax filing online Amounts paid for health insurance coverage from retirement plan distributions that were nontaxable because you are a retired public safety officer cannot be used to figure the deduction. State of illinois tax filing online Take the deduction on Form 1040, line 29. State of illinois tax filing online Qualified long-term care insurance. State of illinois tax filing online   You can include premiums paid on a qualified long-term care insurance contract when figuring your deduction. State of illinois tax filing online But, for each person covered, you can include only the smaller of the following amounts. State of illinois tax filing online The amount paid for that person. State of illinois tax filing online The amount shown below. State of illinois tax filing online Use the person's age at the end of the tax year. State of illinois tax filing online Age 40 or younger–$360 Age 41 to 50–$680 Age 51 to 60–$1,360 Age 61 to 70–$3,640 Age 71 or older–$4,550 Qualified long-term care insurance contract. State of illinois tax filing online   A qualified long-term care insurance contract is an insurance contract that only provides coverage of qualified long-term care services. State of illinois tax filing online The contract must meet all the following requirements. State of illinois tax filing online It must be guaranteed renewable. State of illinois tax filing online It must provide that refunds, other than refunds on the death of the insured or complete surrender or cancellation of the contract, and dividends under the contract may be used only to reduce future premiums or increase future benefits. State of illinois tax filing online It must not provide for a cash surrender value or other money that can be paid, assigned, pledged, or borrowed. State of illinois tax filing online It generally must not pay or reimburse expenses incurred for services or items that would be reimbursed under Medicare, except where Medicare is a secondary payer or the contract makes per diem or other periodic payments without regard to expenses. State of illinois tax filing online Qualified long-term care services. State of illinois tax filing online   Qualified long-term care services are: Necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative services, and Maintenance or personal care services. State of illinois tax filing online The services must be required by a chronically ill individual and prescribed by a licensed health care practitioner. State of illinois tax filing online Worksheet 6-A. State of illinois tax filing online Self-Employed Health Insurance Deduction Worksheet Note. State of illinois tax filing online Use a separate worksheet for each trade or business under which an insurance plan is established. State of illinois tax filing online 1. State of illinois tax filing online Enter the total amount paid in 2013 for health insurance coverage established under your business for 2013 for you, your spouse, and your dependents. State of illinois tax filing online Your insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. State of illinois tax filing online But do not include the following. State of illinois tax filing online   Amounts for any month you were eligible to participate in a health plan subsidized by your or your spouse's employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. State of illinois tax filing online Any amounts paid from retirement plan distributions that were nontaxable because you are a retired public safety officer. State of illinois tax filing online Any amounts you included on Form 8885, line 4. State of illinois tax filing online Any qualified health insurance premiums you paid to “U. State of illinois tax filing online S. State of illinois tax filing online Treasury-HCTC. State of illinois tax filing online ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H. State of illinois tax filing online Any payments for qualified long-term care insurance (see line 2) 1. State of illinois tax filing online   2. State of illinois tax filing online For coverage under a qualified long-term care insurance contract, enter for each person covered the smaller of the following amounts. State of illinois tax filing online       a) Total payments made for that person during the year. State of illinois tax filing online       b) The amount shown below. State of illinois tax filing online Use the person's age at the end of the tax year. State of illinois tax filing online         $360— if that person is age 40 or younger          $680— if age 41 to 50         $1,360— if age 51 to 60         $3,640— if age 61 to 70         $4,550— if age 71 or older         Do not include payments for any month you were eligible to participate in a long-term care insurance plan subsidized by your or your spouse’s employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. State of illinois tax filing online If more than one person is covered, figure separately the amount to enter for each person. State of illinois tax filing online Then enter the total of those amounts 2. State of illinois tax filing online   3. State of illinois tax filing online Add lines 1 and 2 3. State of illinois tax filing online   4. State of illinois tax filing online Enter your net profit* and any other earned income** from the trade or business under which the insurance plan is established. State of illinois tax filing online Do not include Conservation Reserve Program payments exempt from self-employment tax. State of illinois tax filing online If the business is an S corporation, skip to line 11 4. State of illinois tax filing online   5. State of illinois tax filing online Enter the total of all net profits* from: Schedule C (Form 1040), line 31; Schedule C-EZ (Form 1040), line 3; Schedule F (Form 1040), line 34; or Schedule K-1 (Form 1065), box 14, code A; plus any other income allocable to the profitable businesses. State of illinois tax filing online Do not include Conservation Reserve Program payments exempt from self-employment tax. State of illinois tax filing online See the Instructions for Schedule SE (Form 1040). State of illinois tax filing online Do not include any net losses shown on these schedules. State of illinois tax filing online 5. State of illinois tax filing online   6. State of illinois tax filing online Divide line 4 by line 5 6. State of illinois tax filing online   7. State of illinois tax filing online Multiply Form 1040, line 27, by the percentage on line 6 7. State of illinois tax filing online   8. State of illinois tax filing online Subtract line 7 from line 4 8. State of illinois tax filing online   9. State of illinois tax filing online Enter the amount, if any, from Form 1040, line 28, attributable to the same trade or business in which the insurance plan is established 9. State of illinois tax filing online   10. State of illinois tax filing online Subtract line 9 from line 8 10. State of illinois tax filing online   11. State of illinois tax filing online Enter your Medicare wages (Form W-2, box 5) from an S corporation in which you are a more-than-2% shareholder and in which the insurance plan is established 11. State of illinois tax filing online   12. State of illinois tax filing online Enter any amount from Form 2555, line 45, attributable to the amount entered on line 4 or 11 above, or any amount from Form 2555-EZ, line 18, attributable to the amount entered on line 11 above 12. State of illinois tax filing online   13. State of illinois tax filing online Subtract line 12 from line 10 or 11, whichever applies 13. State of illinois tax filing online   14. State of illinois tax filing online Enter the smaller of line 3 or line 13 here and on Form 1040, line 29. State of illinois tax filing online Do not include this amount when figuring any medical expense deduction on Schedule A (Form 1040). State of illinois tax filing online 14. State of illinois tax filing online   * If you used either optional method to figure your net earnings from self-employment from any business, do not enter your net profit from the business. State of illinois tax filing online Instead, enter the amount attributable to that business from Schedule SE (Form 1040), Section B, line 4b. State of illinois tax filing online * *Earned income includes net earnings and gains from the sale, transfer, or licensing of property you created. State of illinois tax filing online However, it does not include capital gain income. State of illinois tax filing online Chronically ill individual. State of illinois tax filing online   A chronically ill individual is a person who has been certified as one of the following. State of illinois tax filing online An individual who has been unable, due to loss of functional capacity for at least 90 days, to perform at least two activities of daily living without substantial assistance from another individual. State of illinois tax filing online Activities of daily living are eating, toileting, transferring (general mobility), bathing, dressing, and continence. State of illinois tax filing online An individual who requires substantial supervision to be protected from threats to health and safety due to severe cognitive impairment. State of illinois tax filing online The certification must have been made by a licensed health care practitioner within the previous 12 months. State of illinois tax filing online Benefits received. State of illinois tax filing online   For information on excluding benefits you receive from a long-term care contract from gross income, see Publication 525. State of illinois tax filing online Other coverage. State of illinois tax filing online   You cannot take the deduction for any month you were eligible to participate in any employer (including your spouse's) subsidized health plan at any time during that month, even if you did not actually participate. State of illinois tax filing online In addition, if you were eligible for any month or part of a month to participate in any subsidized health plan maintained by the employer of either your dependent or your child who was under age 27 at the end of 2013, do not use amounts paid for coverage for that month to figure the deduction. State of illinois tax filing online   These rules are applied separately to plans that provide long-term care insurance and plans that do not provide long-term care insurance. State of illinois tax filing online However, any medical insurance payments not deductible on Form 1040, line 29, can be included as medical expenses on Schedule A (Form 1040), Itemized Deductions, if you itemize deductions. State of illinois tax filing online Effect on itemized deductions. State of illinois tax filing online   Subtract the health insurance deduction from your medical insurance when figuring medical expenses on Schedule A (Form 1040) if you itemize deductions. State of illinois tax filing online Effect on self-employment tax. State of illinois tax filing online   For tax years beginning before or after 2010, you cannot subtract the self-employed health insurance deduction when figuring net earnings for your self-employment tax from the business under which the insurance plan is established, or considered to be established as discussed earlier. State of illinois tax filing online For more information, see Schedule SE (Form 1040). State of illinois tax filing online How to figure the deduction. State of illinois tax filing online   Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. State of illinois tax filing online However, if any of the following apply, you must use Worksheet 6-A in this chapter. State of illinois tax filing online You had more than one source of income subject to self-employment tax. State of illinois tax filing online You file Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion. State of illinois tax filing online You are using amounts paid for qualified long-term care insurance to figure the deduction. State of illinois tax filing online If you are claiming the health coverage tax credit, complete Form 8885, Health Coverage Tax Credit, before you figure this deduction. State of illinois tax filing online Health coverage tax credit. State of illinois tax filing online   You may be able to take this credit only if you were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment trade adjustment assistance (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient. State of illinois tax filing online Use Form 8885 to figure the amount, if any, of this credit. State of illinois tax filing online   When figuring the amount to enter on line 1 of Worksheet 6-A, do not include the following. State of illinois tax filing online Any amounts you included on Form 8885, line 4. State of illinois tax filing online Any qualified health insurance premiums you paid to “U. State of illinois tax filing online S. State of illinois tax filing online Treasury-HCTC. State of illinois tax filing online ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments. State of illinois tax filing online More than one health plan and business. State of illinois tax filing online   If you have more than one health plan during the year and each plan is established under a different business, you must use separate worksheets (Worksheet 6-A) to figure each plan's net earnings limit. State of illinois tax filing online Include the premium you paid under each plan on line 1 or line 2 of that separate worksheet and your net profit (or wages) from that business on line 4 (or line 11). State of illinois tax filing online For a plan that provides long-term care insurance, the total of the amounts entered for each person on line 2 of all worksheets cannot be more than the appropriate limit shown on line 2 for that person. State of illinois tax filing online Nondeductible Premiums You cannot deduct premiums on the following kinds of insurance. State of illinois tax filing online Self-insurance reserve funds. State of illinois tax filing online You cannot deduct amounts credited to a reserve set up for self-insurance. State of illinois tax filing online This applies even if you cannot get business insurance coverage for certain business risks. State of illinois tax filing online However, your actual losses may be deductible. State of illinois tax filing online See Publication 547. State of illinois tax filing online Loss of earnings. State of illinois tax filing online You cannot deduct premiums for a policy that pays for lost earnings due to sickness or disability. State of illinois tax filing online However, see the discussion on overhead insurance, item (8), under Deductible Premiums , earlier. State of illinois tax filing online Certain life insurance and annuities. State of illinois tax filing online For contracts issued before June 9, 1997, you cannot deduct the premiums on a life insurance policy covering you, an employee, or any person with a financial interest in your business if you are directly or indirectly a beneficiary of the policy. State of illinois tax filing online You are included among possible beneficiaries of the policy if the policy owner is obligated to repay a loan from you using the proceeds of the policy. State of illinois tax filing online A person has a financial interest in your business if the person is an owner or part owner of the business or has lent money to the business. State of illinois tax filing online For contracts issued after June 8, 1997, you generally cannot deduct the premiums on any life insurance policy, endowment contract, or annuity contract if you are directly or indirectly a beneficiary. State of illinois tax filing online The disallowance applies without regard to whom the policy covers. State of illinois tax filing online Partners. State of illinois tax filing online If, as a partner in a partnership, you take out an insurance policy on your own life and name your partners as beneficiaries to induce them to retain their investments in the partnership, you are considered a beneficiary. State of illinois tax filing online You cannot deduct the insurance premiums. State of illinois tax filing online Insurance to secure a loan. State of illinois tax filing online If you take out a policy on your life or on the life of another person with a financial interest in your business to get or protect a business loan, you cannot deduct the premiums as a business expense. State of illinois tax filing online Nor can you deduct the premiums as interest on business loans or as an expense of financing loans. State of illinois tax filing online In the event of death, the proceeds of the policy are generally not taxed as income even if they are used to liquidate the debt. State of illinois tax filing online Capitalized Premiums Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. State of illinois tax filing online Include these costs in the basis of property you produce or acquire for resale, rather than claiming them as a current deduction. State of illinois tax filing online You recover the costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. State of illinois tax filing online Indirect costs include premiums for insurance on your plant or facility, machinery, equipment, materials, property produced, or property acquired for resale. State of illinois tax filing online Uniform capitalization rules. State of illinois tax filing online   You may be subject to the uniform capitalization rules if you do any of the following, unless the property is produced for your use other than in a business or an activity carried on for profit. State of illinois tax filing online Produce real property or tangible personal property. State of illinois tax filing online For this purpose, tangible personal property includes a film, sound recording, video tape, book, or similar property. State of illinois tax filing online Acquire property for resale. State of illinois tax filing online However, these rules do not apply to the following property. State of illinois tax filing online Personal property you acquire for resale if your average annual gross receipts are $10 million or less for the 3 prior tax years. State of illinois tax filing online Property you produce if you meet either of the following conditions. State of illinois tax filing online Your indirect costs of producing the property are $200,000 or less. State of illinois tax filing online You use the cash method of accounting and do not account for inventories. State of illinois tax filing online More information. State of illinois tax filing online   For more information on these rules, see Uniform Capitalization Rules in Publication 538 and the regulations under Internal Revenue Code section 263A. State of illinois tax filing online When To Deduct Premiums You can usually deduct insurance premiums in the tax year to which they apply. State of illinois tax filing online Cash method. State of illinois tax filing online   If you use the cash method of accounting, you generally deduct insurance premiums in the tax year you actually paid them, even if you incurred them in an earlier year. State of illinois tax filing online However, see Prepayment , later. State of illinois tax filing online Accrual method. State of illinois tax filing online   If you use an accrual method of accounting, you cannot deduct insurance premiums before the tax year in which you incur a liability for them. State of illinois tax filing online In addition, you cannot deduct insurance premiums before the tax year in which you actually pay them (unless the exception for recurring items applies). State of illinois tax filing online For more information about the accrual method of accounting, see chapter 1. State of illinois tax filing online For information about the exception for recurring items, see Publication 538. State of illinois tax filing online Prepayment. State of illinois tax filing online   You cannot deduct expenses in advance, even if you pay them in advance. State of illinois tax filing online This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. State of illinois tax filing online   Expenses such as insurance are generally allocable to a period of time. State of illinois tax filing online You can deduct insurance expenses for the year to which they are allocable. State of illinois tax filing online Example. State of illinois tax filing online In 2013, you signed a 3-year insurance contract. State of illinois tax filing online Even though you paid the premiums for 2013, 2014, and 2015 when you signed the contract, you can only deduct the premium for 2013 on your 2013 tax return. State of illinois tax filing online You can deduct in 2014 and 2015 the premium allocable to those years. State of illinois tax filing online Dividends received. State of illinois tax filing online   If you receive dividends from business insurance and you deducted the premiums in prior years, at least part of the dividends generally are income. State of illinois tax filing online For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1 under How Much Can I Deduct. State of illinois tax filing online Prev  Up  Next   Home   More Online Publications