October 31 is the filing deadline for 2021 general tax returns this year. Those who claim contributions for the right insurance companies get a lot in return.
Liability insurance, health insurance, Riester pension, household goods insurance or dog liability insurance: for which insurance do you get a partial refund of contributions on your tax return and for which one do you not? And to what extent can expenses be claimed? We give an overview.
Deduct insurance policies for special expenses.
Insurance policies contracted for personal provision can be deducted as special expenses. Some of the amounts are already recorded on the income tax return. These include contributions to health insurance, nursing care insurance, pension insurance, unemployment insurance and possibly also occupational pension institutions.
Private pension contributions can also normally be deducted. This includes accident insurance, occupational disability insurance, supplementary medical insurance, supplementary long-term care insurance and daily sickness allowance insurance.
You can also claim liability insurance, motor vehicle liability insurance, term life insurance or an additional pension such as the Riester pension. Contributions for private life insurance can be claimed if the insurance was taken out before 2005; this is pointed out by Versicherungskammer Bayern.
What amounts can be deducted for pension benefits?
There is a maximum limit of expenses for old-age benefit, which is currently 25,787 euros for single people.
With the Riester pension insurance, contributions of up to 2,100 euros can be deducted, including state allowances.
The maximum limits also apply to other pension expenses such as unemployment or health insurance. Employed workers can only claim contributions up to a maximum of 1,900 euros, the self-employed up to a maximum of 2,800 euros. Anything beyond that is not taken into account. Therefore, it is worth taking a look at whether you have already reached the maximum limit with the sum of pension expenses.
Here you can save on job insurance
Those who pay contributions for work-related insurance can also claim them elsewhere on the tax return. Employees provide the information for income-related expenses, self-employed for operating costs. Work insurance includes professional liability insurance, work accident insurance and industrial legal protection insurance.
What sums can be deducted by profession
Unlike contributions for provision, contributions for work-related insurance can be deducted in full from income-related or operating costs. However, employees must ensure that the Treasury already includes an amount of 1,000 euros in their income-related expenses (the limit is increased to 1,200 euros for the 2022 income tax return). Additional amounts will only be refunded once you have reached the sum.
What insurance cannot be deducted?
Even if citizens expect personal protection from them: contributions for home insurance or comprehensive vehicle insurance are not tax deductible. With other insurance, it depends on the individual case. For example, homeowners can deduct homeowners insurance with income-related expenses. Anyone who is dependent on a dog for health reasons can deduct dog liability insurance quotes.