Don't be unaware! Earthquake insurance premium deduction

Earthquake insurance premium deduction...
This is a system that reduces income tax and local resident tax.
Depending on the amount of earthquake insurance premiums for one year (January 1st to December 31st),
A certain amount can be deducted from your taxable income.

Point 1
Even if you pay multiple years' worth of insurance premiums in one lump sum when you take out insurance, the amount deductible for that year will be "one year's worth of insurance premiums."

Point 2
Earthquake insurance premium deductions are available for earthquake insurance contracts that insure residential homes and household goods.
Earthquake insurance cannot be purchased alone and must be purchased as a set with fire insurance.
"Fire insurance premiums are not eligible for earthquake insurance premium deductions."


Earthquake insurance premium deduction amount
The maximum income tax is 50,000 yen, and the maximum resident tax is 25,000 yen.

The calculation method is as follows:
◆Income tax
Annual deductible insurance premium
50,000 yen or less ⇒ The entire amount of insurance premiums paid is deducted
Annual deductible insurance premium
Over 50,000 yen ⇒ 50,000 yen is deducted

◆Resident tax
Annual deductible insurance premium
50,000 yen or less ⇒ 50% of the insurance premium paid is deducted
Annual deductible insurance premium
Over 50,000 yen ⇒ 25,000 yen deducted


* A deduction certificate is required for filing.
To receive an earthquake insurance premium deduction, you must submit an "insurance premium deduction certificate."

The first year's "Insurance Premium Deduction Certificate" is often attached to the "insurance policy."
From the second year onwards, an "Insurance Premium Deduction Certificate" will be mailed to policyholders around October each year, so please keep it safe.

When it's time for year-end tax adjustments and tax returns, be sure to take advantage of the earthquake insurance premium deduction!


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