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Lump sum cancer payment
I received a lump sum cancer payout from Cigna this year will I have to pay taxes on that? It was not through an employer
Expert Reviewed
@Teresa9801 Maybe . Cigna states it may be taxable if the payment exceeds the cost of the medical expenses.
Look at the Cigna website and the footnote: (it this why you are getting a lump sum payment? did you buy this policy?)
https://www.cigna.com/individuals-families/shop-plans/supplemental/lump-sum-cancer-insurance
2 Benefits received in excess of medical expenses may be considered taxable income. Consult your tax advisor.
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