Insurance is tax deductible

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From: Andrea Stettner

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Many insurance policies are tax deductible. Which policies you can claim on your tax return and which you can’t.

Insurance can be quite expensive. Some cost several hundred euros a year. But there’s good news: Many insurance policies are tax deductible. On the tax return, they are then listed as special expenses, pension expenses, or income-related expenses. But what insurance costs can taxpayers declare on their income tax returns?

What insurances are tax deductible?

According to the Income Tax Assistance Association, unavoidable costs recognized as special and fiscally privileged expenses. This also includes numerous types of insurance, which we will introduce to you below.

Certain insurance policies are tax deductible. They are listed as special expenses on the tax return. © MiS/Imago

1. Old-age pension insurance (basic pension):

In the foreground are the insurance policies that serve to provide for old age. This includes the mandatory pension insurance (without the employer part), Pension plan / retirement funds What Rurup Contracts. There is a maximum limit for pension expenses (2021 for singles 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):

Riester’s annual contributions and state allocations can up to a maximum of 2,100 euros.

3. Other preventive insurance:

In addition to the old-age benefit insurance, other insurance can also be claimed as special expenses, if they are for preventive purposes. One applies to employees and officials upper limit of 1,900 euros, the self-employed will be able to deduct from their taxes a maximum of 2,800 euros of the costs of this insurance (double that applies to married couples). These include, for example:

  • unemployment insurance
  • health insurance
  • care insurance
  • Income/disability insurance
  • Supplemental health insurance (for example, supplemental dental insurance)
  • Health insurance for foreign travel
  • Sick pay insurance / daily hospital benefits insurance
  • complementary care insurance
  • accident insurance (for free time)
  • liability insurance
  • Motor Vehicle Liability Insurance
  • term life insurance
  • equity life insurance
  • death benefit insurance

4. Professional Policies

Workers’ insurance is not considered a special expense, but it can fully deducted as expenses related to income will be. This includes accident insurance (proportional to the area of ​​work), professional liability insurance or industrial legal protection insurance or legal defense insurance (proportional to the area of ​​work).

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What insurances are not tax deductible?

However, you cannot deduct it on your taxes. pure property insurance, which are not intended as a precaution or necessary for the job. Therefore, these are avoidable and therefore not tax-advantaged. These include, for example:

  • Home insurance
  • comprehensive car insurance
  • Private pension insurance: capital investment products
  • Private legal protection insurance
  • Rental legal protection insurance
  • Traffic Legal Protection Insurance

What tests are required for the tax office?

The tax office requires only for those proofs of insurance not listed on the wage tax assessment are. You should always keep the corresponding bank statements or transfer receipts as evidence. bills will suffice according to the income tax assistance association not, since only insurance policies actually paid are recognized by the Treasury. By the way, if you avoid the most common errors in tax returns, you will get more money back. (What)

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