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posted Jan 29, 2025 11:09:57 AM

If I received a payment from an accident insurance benefit policy, is the amount received taxable?

I fell and submitted a claim to my hospital indemnity and accident insurance and received a check from both of them. Is the money taxable?

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1 Replies
Expert Alumni
Jan 29, 2025 11:19:43 AM

It would only be taxable to the extent of the amount you received that was more than the cost of the medical bills you had to pay associated with the accident.