LTD INCOME ON W-2

[Sh6862]

I received LTD payments for 3 months last year.  I pay 66% of my premium after-taxes as a payroll deduction.  I received a W-2 for the LTD but for the full amount in box 1 with 3rd party sick pay indicated.  Box 3 & 5 indicate lesser amounts. 

My understanding is that if I paid some or all of the premium, post tax, I only need to claim the % of the benefit amount I received that was paid by my employer. Hence, I should only have to claim 34% of what I received in payments.  Is this correct? I am in Michigan.  How do I report this on my taxes to reflect this or do I need to ask for a corrected W-2?  Thanks in advance!

[RobertB4444]

You are correct and you should be issued a corrected W2.  At this point the IRS will assume that the amount in box 1 is correct and you don't have a good way to fix it on your tax return.

Be sure that your contributions are post-tax, however.  If they are pre-tax then they are taxable to you.

@Sh6862

[Sh6862]

TY!