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!