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Life Insurance

Life Insurance. Emina Mujkic Budapest, July 5th 2007. Life Insurance. Life annuity Periodically paid benefit (interest) Life or death Box 1 or box 3 Endowment insurance In periods or an amount at once With payment at life With payment at death With a mixed character Box 1 or box 3.

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Life Insurance

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  1. Life Insurance Emina Mujkic Budapest, July 5th 2007

  2. Life Insurance • Life annuity • Periodically paid benefit (interest) • Life or death • Box 1 or box 3 • Endowment insurance • In periods or an amount at once • With payment at life • With payment at death • With a mixed character • Box 1 or box 3

  3. Taxation of the life annuity in Box 1 • Taxable income from employment and home ownership • The paid insurance contributions are deductible • Compensation of the gap in the pension • For disabled (grand) children of age • Infirmity, sickness or accident • Taxation of the payments • If the contributions were deductible in box 1

  4. Taxation of the life annuity in Box 3 • Taxable income from savings and investments • When the conditions are not fulfilled • The value of the insurance • Fictitious percentage (4%) • Tax rate 30%  1,2% • Payments are not taxable

  5. Taxation of the endowment insurance in Box 1 • Endowment insurance for own residence • Insurance coupled to an own residence and serves for the relay of the debt • Taxable income is = advantage from own residence + advantage from endowment insurance -/- deductible costs (interest). • Exemption: limited • Endowment insurances in own private company • Form of making available of assets

  6. Taxation of the endowment insurance in Box 3 • No specific conditions • Fictitious percentage of 4% • The value in the economic movement • Payments are not taxable • Exemptions: • Endowment insurance concerning infirmity, sickness or accident • Burial insurance (max. € 6.492 in 2007)

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