Sentences with phrase «under endowment contracts»

The tax - free exclusion is for a death benefit payment that is under endowment contracts, employer's group plans, worker's compensation insurance contracts, accident or health insurance contracts.

This tax - free exclusion also covers death benefits payment made under endowment contracts, worker's compensation insurance contracts, employer's group plans or accident and health insurance contracts.

Not exact matches

For a permanent life insurance policy to qualify for tax advantages under the I.R.S. Code, the policy must be a life insurance contract NOT be a modified endowment contract («MEC»).

A contract of endowment insurance either for another contract of endowment insurance that provides for regular payments beginning at a date not later than the date payments would have begun under the contract exchanged, or for a non-qualified annuity contract.

Under current federal tax rules, loans taken will generally be free of current income tax as long as the policy remains in effect until the insured's death, does not lapse or matures, and is not a modified endowment contract.

Under current federal tax rules, loans taken will generally be free of current income tax as long as the policy remains in effect until the insured's death, does not lapse or mature, and is not a modified endowment contract.

The criteria for grant applications are strict, and no funds are offered or awarded for animal control programs run by government agencies or under government contract, for individuals, for facility construction, or to support endowment campaigns, research, scholarships, general operating budgets, special events, or films and publications.

1Access to your money — This assumes that the contract qualifies as life insurance under section 7702 of the Internal Revenue Code (IRC) and is not a modified endowment contract (MEC) under section 7702A.

The statements made above assume the policy remains in force, it isn't a modified endowment contract and the policy qualifies as life insurance under Internal Revenue Code, Section 7702.

1Access to your money - This assumes that the contract qualifies as life insurance under section 7702 of the Internal Revenue Code (IRC) and is not a modified endowment contract (MEC) under section 7702A.

The IRS covers this in Section 264 (a)(1) and provides that there is no deduction allowed for premiums paid on any life insurance policy, or endowment or annuity contract, if the taxpayer is directly or indirectly a beneficiary under the policy or contract.

The tax free benefits are applicable for any form of life insurance made under worker's compensation insurance contracts, employer's group plans, endowment contracts, or accident and health insurance contracts.

Even if paid by a modified endowment contract, a death benefit can still be passed on to beneficiaries tax free, assuming that the normal requirements for a tax free death benefit under life insurance rules are met.

Under current Federal tax rules, loans taken will generally be free of current income tax as long as the policy remains in effect until the insured's death, does not lapse or mature, and is not a modified endowment contract.

For a permanent life insurance policy to qualify for tax advantages under the I.R.S. Code, the policy must be a life insurance contract NOT be a modified endowment contract («MEC»).

1 Assumes the contract qualifies as life insurance under section 7702 of the Internal Revenue Code (IRC) and is not a modified endowment contract (MEC) under section 7702A.