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Megan, age 44, has a group life insurance policy in which her employer provides coverage of 2.5 times her salary. Megan makes $80,000 annually. Based on Internal Revenue Service tables for cost of life insurance premiums, the cost for Megan for one month of coverage per each $1,000 of coverage is $0.10. How much of the total cost of the insurance will be includable in Megan’s gross income over the year?

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Megan, age 44, has a group life insurance policy in which her employer provides coverage of 2.5 times her salary. Megan makes $80,000 annually. Based on Internal Revenue Service tables for cost of life insurance premiums, the cost for Megan for one month of coverage per each $1,000 of coverage is $0.10. How much of the total cost of the insurance will be includable in Megan’s gross income over the year?






 
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