Transcription of INTERNAL REVENUE CODE SECTION 79 - MMA …
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INTERNAL REVENUE CODE SECTION 79 - MMA …
INTERNAL REVENUE CODESECTION 79We welcome your commentsand suggestions regarding thisissue of our Benefit more information, pleasecontact your Account Manageror visit our website on Page 2 Volume Eighteen, Issue SixNovember 2015 WORLD CLASS. LOCAL 79 of the InternalRevenue code details the taximplications for employer-spon-sored group term life employees may have to paytaxes on the value of the followingtypes of employer-sponsoredgroup term life insurance: Employer-paid group term lifebenefits that exceed $50,000 Discriminatory employer-paidterm life plans Employer-sponsored voluntarylife coverage Employer-sponsored voluntarylife insurance paid for with pre-tax dollars under a SECTION 125planThis Advisor clarifies the keySection 79 areas to review at theend of each calendar year. Eachsection details potential taxconsequences for each sections will explain how tocalculate tax IMPLICATIONS FORNON-DISCRIMINATORYEMPLOYER-PAID LIFEINSURANCE COVERAGE THATEXCEEDS $50,000Up to $50,000 of employer-paidterm life insurance coverage istax-exempt under SECTION 79, solong as the plan does not favorkey employees.
INTERNAL REVENUE CODE SECTION 79 We welcome your comments and suggestions regarding this issue of our Benefit Advisor. For more information, please contact your Account Manager
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