Do i have to claim money from a cancer policy that i have paid premiums for? I received a 1099 misc form showing 10000 do i have to claim that as income?
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melmerfud
New Member

Do i have to claim money from a cancer policy that i have paid premiums for? I received a 1099 misc form showing 10000 do i have to claim that as income?

 
1 Reply
PaulaM
Employee Tax Expert

Do i have to claim money from a cancer policy that i have paid premiums for? I received a 1099 misc form showing 10000 do i have to claim that as income?

If you paid the premiums on the policy with after-tax dollars, the benefits are not taxable because they are considered a form of health/disability insurance. 

If you paid for the premiums via payroll deductions, the that means the premiums were paid with pre-tax dollars, and are reported as income. 

See below.

https://ttlc.intuit.com/questions/3015447-where-do-i-report-income-from-a-cancer-insurance-policy

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