Question
Don Driller, who is 56 years old, is provided with $120,000 of group-term life insurance by his employer. Based on the IRS uniform premium
Don Driller, who is 56 years old, is provided with $120,000 of group-term life insurance by his employer. Based on the IRS uniform premium cost table, the total annual cost of a policy of this type is $9.00 per $1,000 of coverage. Don's required contribution to the cost of the policy is $2.00 per $1,000 of coverage per year. Don was covered for the full 12 months of 2016. How much of the cost must Don include in his income for 2016?
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Income Tax Fundamentals 2013
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