Sam is an audit manager at Jones CPA firm. Jose, Sam's former spouse, paid $575 in premiums
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Sam is an audit manager at Jones CPA firm. Jose, Sam's former spouse, paid $575 in premiums for term life insurance on Sam. Jose is the beneficiary of this policy. He would like to deduct the premiums on his own Schedule A (Form 1040). What subsection of the Internal Revenue Code discusses the general rule regarding the deductibility of life insurance premiums? Describe whether life insurance premiums are deductible on Schedule A. Also, explain what is deductible for medical benefits per the IRS code.
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