Get the free Form DL-1 Premium Excise Return for Domestic Life Insurance Companies
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This document is used by domestic life insurance companies to report their excise tax liabilities in Massachusetts for life and accident & health insurance premiums.
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How to fill out form dl-1 premium excise
How to fill out Form DL-1 Premium Excise Return for Domestic Life Insurance Companies
01
Obtain the Form DL-1 from the appropriate regulatory authority or website.
02
Fill in your company's name, address, and other identifying information in the designated fields.
03
Enter the period for which the premium excise return is being filed.
04
Calculate the total gross premiums received during the reporting period.
05
Deduct any allowable exemptions or deductions, such as reinsurance premiums.
06
Calculate the premium tax owed based on the applicable rate.
07
Complete any additional sections as required, such as details of policies issued and claims paid.
08
Review the form for accuracy and completeness.
09
Sign and date the form as required.
10
Submit the completed form to the designated regulatory authority by the due date.
Who needs Form DL-1 Premium Excise Return for Domestic Life Insurance Companies?
01
Domestic life insurance companies that are subject to premium excise tax regulations.
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People Also Ask about
What is considered an excise tax?
Excise tax is an indirect tax on specific goods, services and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.
What is the excise tax on life insurance?
The Internal Revenue Service (IRS) imposes a 1% excise tax on the premium amounts paid for foreign life insurance policies.
What is the federal excise tax on life insurance?
The federal excise tax is a tax imposed on premium payments to offshore insurers: 4 percent on direct premiums and 1 percent on reinsurance premiums.
Who pays federal excise tax on insurance premiums?
ing to IRS Section 4371, an excise tax is imposed on premiums paid by U.S. citizens (policyholders) to foreign insurers or reinsurers, as well as to any non-resident agents, solicitors, or brokers involved in foreign life insurance transactions.
How much tax do you pay on a life insurance policy?
Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them.
What is life insurance return of premiums?
Return of premium life insurance is a type of term life insurance that allows you to collect your premium payments if you outlive your selected term. To make this possible, this insurance plan can be more expensive.
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What is Form DL-1 Premium Excise Return for Domestic Life Insurance Companies?
Form DL-1 is a tax return that domestic life insurance companies must file to report the premium excise tax owed to the government on their collected premiums.
Who is required to file Form DL-1 Premium Excise Return for Domestic Life Insurance Companies?
Domestic life insurance companies operating in the jurisdiction that imposes the premium excise tax are required to file Form DL-1.
How to fill out Form DL-1 Premium Excise Return for Domestic Life Insurance Companies?
To fill out Form DL-1, companies must provide relevant financial information including total premiums collected, applicable tax rates, and calculation of the excise tax owed, ensuring that all entries are accurate and compliant with tax regulations.
What is the purpose of Form DL-1 Premium Excise Return for Domestic Life Insurance Companies?
The purpose of Form DL-1 is to facilitate the reporting and payment of premium excise taxes by domestic life insurance companies to ensure compliance with tax laws.
What information must be reported on Form DL-1 Premium Excise Return for Domestic Life Insurance Companies?
Form DL-1 must report information including total premiums collected, the total excise tax calculated, any applicable deductions, and company identification details.
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