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ltcf_642
New Member

Do i have to report disability income its the only income i have

 
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PeterM
New Member

Do i have to report disability income its the only income i have

The proceeds of an accident and health policy, are not reportable as income so long as you did not deduct the premiums, and so long as this is not an employer provided fringe benefit.  

If you pay your premiums under a flexible benefits plan with pre-tax dollars, or if your employer pays part or all of your premiums, some of the benefits you receive may be taxable. If both you and your employer have paid the premiums for the plan, only the amount you receive for your disability that is due to your employer’s payments is reported as income.


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PeterM
New Member

Do i have to report disability income its the only income i have

The proceeds of an accident and health policy, are not reportable as income so long as you did not deduct the premiums, and so long as this is not an employer provided fringe benefit.  

If you pay your premiums under a flexible benefits plan with pre-tax dollars, or if your employer pays part or all of your premiums, some of the benefits you receive may be taxable. If both you and your employer have paid the premiums for the plan, only the amount you receive for your disability that is due to your employer’s payments is reported as income.


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