How to use this Tax Calculator:
- Enter the Total Group Term Insurance coverage. If you worked for more than one employer, then add the insurance coverage from all employers*.
- Enter your Age as of December 31 of the tax year.
- Enter the number of months you had insurance coverage**.
- Enter the monthly premium amount you paid (This is the co payment for the insurance premium).
- Enter the number of months you paid insurance premium.
- Your Taxable cost of Insurance coverage will appear in the 'Amount added to the Taxable Income' field.
* If you worked for more than one employer and the combined Group insurace coverage exceeds $50,000, then you have to pay taxes for
the additional cost of insurance. Your W2 will not show the correct taxable income and you should contact a tax professional to calculate your taxes. You can not use this calculator.
** If you worked for more than than one employer at different period of time, you can not use this calculator.
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Last Updated ( Thursday, 24 January 2008 )
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