Deductible

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Deductible

That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes).

The portion of an insured loss to be borne by the insured before he or she is entitled to recovery from the insurer.

Automotive insurance policies frequently include a deductible, such as $250 or $500, which the insured must pay before receiving reimbursement under the policy. Usually, the insured motorist chooses among several levels of deductible, with the policy payment being somewhat lower when the insured chooses a higher deductible.

Many types of insurance policies include a deductible amount.

References in periodicals archive ?
This FMV is to be determined by the charitable organization and passed on to its patrons so they can determine the deductible amounts of their contributions.
The deductible amount may begin to phase out when taxpayers' taxable income reaches $321,400 for a married couple filing a joint return, $160,725 for married taxpayers filing separately, and $160,700 for single and head-of-household taxpayers (for 2019).
Again, calculate each activity's tentative deductible amount separately and carry each tentative deductible amount after the wage and property limitation to Step 7.
The combined qualified business income for the tax year is the sum of the deductible amounts determined for each qualified business carried on by the taxpayer and 20 percent of the taxpayer's qualified REIT dividends and qualified publicly traded partnership income.
As the loss is partial, is it the amount of actual loss for the first three days that is deducted, or is the deductible amount apportioned for the month?
The deductible amount, the employee premium contribution, the out-of-pocket maximum, and whether there are other types of plans offered will also impact an employer's HSA contribution strategy, said Mark Sherman, principal of LHD Benefit Advisors, another UBA partner firm.
It cancelled the bond that linked the deductible amount to the amount of refurbishment work.
The announcement will be made in October for the 2015 Part D deductible amount.
Out-of-network deductibles are not only much higher than in-network deductibles, but in-network and out-of-network expenses are often no longer combined to meet the deductible amount. That means, for instance, that for an in-network deductible of $3,500 and an out-of-network deductible of $5,000, the insured could end up paying $8,500 out-of-pocket in a given year before the insurer would pay anything for medical care.
Insurance policies written with deductibles provide that the insurer will pay the defense and indemnity costs in connection with a covered claim, and then charge or bill back the deductible amount to the insured.
Some policies do not contain such a provision, but simply state that the insurer will pay the part of the loss that exceeds the deductible amount. In this case, the adjuster can combine the losses to two or more specifically insured items and then pay the amount of loss that exceeds the deductible.
"The tax deductible amount that can be invested in personal pension plans is to be cut from PS50,000 to PS40,000 in April 2014.