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Short term disability income from colonial life, do I have to report it? Policy offered by job but paid for by us
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Short term disability income from colonial life, do I have to report it? Policy offered by job but paid for by us
Proceeds from an accident and health policy such as Colonial Life or AFLAC :
1. If you pay the entire cost of a sickness or injury plan with after-tax money, you do not need to report any payments you receive under the plan as income.
2. If your employer pays half the cost of premiums and does not deduct these payments from your pay, then you most likely must report half the payments received as income.
3. Reimbursement of medical costs you’ve paid for after the plan was established are not taxable, but may reduce the amount of your medical costs deduction.
See the following TurboTax article for additional information: Are Short Term Disability Claim Payments ... - TurboTax - Intuit
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Short term disability income from colonial life, do I have to report it? Policy offered by job but paid for by us
Proceeds from an accident and health policy such as Colonial Life or AFLAC :
1. If you pay the entire cost of a sickness or injury plan with after-tax money, you do not need to report any payments you receive under the plan as income.
2. If your employer pays half the cost of premiums and does not deduct these payments from your pay, then you most likely must report half the payments received as income.
3. Reimbursement of medical costs you’ve paid for after the plan was established are not taxable, but may reduce the amount of your medical costs deduction.
See the following TurboTax article for additional information: Are Short Term Disability Claim Payments ... - TurboTax - Intuit
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