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Tax return: You can deduct these insurances from your taxes

2022-05-16T03:03:14.930Z

Tax return: You can deduct these insurances from your taxes Created: 05/16/2022, 04:48 am By: Andrea Stettner Many insurance policies are tax deductible. Which policies you can claim in the tax return - and which not. Insurance can get pretty expensive. Some cost several hundred euros a year. But there is good news: many insurance policies are tax deductible. In the tax return, they are then l



Tax return: You can deduct these insurances from your taxes

Created: 05/16/2022, 04:48 am

By: Andrea Stettner

Many insurance policies are tax deductible.

Which policies you can claim in the tax return - and which not.

Insurance can get pretty expensive.

Some cost several hundred euros a year.

But there is good news: many insurance policies are tax deductible.

In the tax return, they are then listed as special expenses, pension expenses or income-related expenses.

But which insurance costs can taxpayers state in their income tax return?

Which insurances are tax deductible?

According to the income tax assistance association,

unavoidable costs

are recognized as special expenses and tax-privileged.

This also includes numerous types of insurance, which we will present to you below.

Certain insurance policies are tax deductible.

They are listed as special expenses in the tax return.

© Hans-Jürgen Wiedl

1. Insurance for old-age provision (basic provision):

At the forefront are insurance policies that serve to provide for old age.

This includes the

statutory pension insurance

(without the employer's part), pension scheme

/ old-age funds

and

Rürup contracts

.

There is a maximum limit for pension expenses (2021 for single people at 25,787 euros, for married couples at 51,574 euros).

However, this can only be fully exploited from 2025.

2. Riester pension (additional pension):

The annual Riester contributions and state allowances can

up to a maximum of 2,100 euros.

3. Other preventive insurance policies:

In addition to the insurance for old-age provision, other insurances can also be claimed as special expenses

if they serve as a precaution

.

For employees and civil servants, there is a

maximum limit

of 1,900 euros, the self-employed may deduct a maximum of 2,800 euros of the costs for this insurance from their taxes (double that applies for married couples).

These include, for example:

  • unemployment insurance

  • Health insurance

  • care insurance

  • Earnings/disability insurance

  • Supplementary health insurance (e.g. supplementary dental insurance)

  • Foreign travel health insurance

  • Sick pay insurance / daily hospital benefit insurance  

  • Supplementary care insurance

  • accident insurance (for free time)

  • liability insurance

  • Motor vehicle liability insurance

  • term life insurance

  • capital life insurance

  • death benefit insurance

4. Professional Policies

Occupational insurance is not considered a special expense, but can be

fully deducted as income-related expenses

.

This includes accident insurance (proportional for the area of ​​work), professional liability insurance or industrial legal protection insurance or legal protection insurance (proportional for the area of ​​work).

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Which insurances are not tax deductible?

On the other hand, you cannot deduct from the tax

pure property insurance

, which serves neither as a precaution nor is necessary for the job.

These are therefore avoidable and are therefore not tax-advantaged.

These include:

  • Household insurance

  • Comprehensive car insurance

  • Private pension insurance: capital investment products

  • Private legal protection insurance

  • Rental legal protection insurance

  • Traffic Legal Protection Insurance

What evidence is required for the tax office?

The tax office

only requires proof for those insurance policies that are not listed on the wage tax assessment

.

You should always keep relevant bank statements or transfer receipts as proof.

According to the income tax assistance association,

invoices are

not

sufficient , since the tax office only recognizes the insurance that has actually been paid.

By the way, if you avoid the most common mistakes in tax returns, you will get more money back.

(as)

Source: merkur

All life articles on 2022-05-16

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