0
Are long term disability payments paid by companies insurance policy taxable by state and state governments?
Wiki User
∙ 14y ago
If the Long-Term Disability benefits you receive are from a company sponsored program, the taxation is dependent on whether your employer pays the premiums. Assuming that your employer pays for and provides the insurance to you, then the benefits you receive are taxable as ordinary income.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Can you collect Workers Comp and Disability Insurance in the State of Mass?
Yes, the disability insurance payments can be paid on top of any workers comp payments received, if the policy's benefit is not integrated with any supplemental benefits. If your disability insurance policy is integrated with supplemental disability benefits, then the disability payments will be offset dollar for dollar by any mount received from workers comp or social security. That's why when you get a disability insurance policy, it is advised to include all or most of the disability benefit amount as "base benefit" which does not offset by any supplemental benefits received.
Which insurance companies offer life insurance that has inexpensive term payments?
Many insurance companies offer life insurance involving inexpensive term payments. Some of these companies include Progressive, United Health Care and Child Health Plus.
How long do you have to file suit against a insurance company for dening medical disability insurance?
statue of limitations for filing suit against bad faith disability payments
What options does one have if placed on disability and the auto was repossessed while awaiting receipt of payments in Texas?
Same as if you werent on disability. Read your contract. Did it mention disability insurance?
When appling for disability do they check your bank account?
No, the content of your bank account has no relevance to your eligibility for disability payments. What they want to know is, are you actually disabled, and do you have disability insurance. That is what counts.
What is non-disability income?
ALL of the other sources of worldwide income that you may be receiving or could be receiving that is NOT for your DISABILITY. If you are receiving social security disability insurance payments for your disability then you are receiving A TYPE OF DISABILITY INCOME. Or some other company paid or privately paid premiums of DISABILITY INSURANCE PAYMENTS that you could be receiving for your disability. It is possible for some of the amounts of the above types of disability payment could also become taxable income to you on your 1040 federal income tax return.
Are insurance settlements taxable?
Generally settlements are not taxable. Some insurance payments are taxable in certain circumstances. Disability payments received on a policy that the premiums were completely paid for by your employer would be taxed as ordinary income.
Can my insurance co. disability payments or my workers comp payments be garnished for a vehicle reposession?
They might be able to garnish your payments for the money that you owe them , but nothing more since vehicle has been repossessed.
What if you have disability insurance and become disabled can they take your car your credit and still ask for money when the disability insurance was purchased to cover that type of event in life?
It is your responsibility to see that the DI pays you and YOU pay the payments on time. rem your agreement with the lender stated that YOU would make the payments on a certain date. HOW you get that money is up to you.
Are long term disability payments taxable if employee pays for coverage through their company?
You should consult with a tax specialist, but generally employer paid disability insurance benefits are taxable.
Do you have to pay income taxes on ss disability payments?
Depends on the type of disability payments you receive. I do not have to pay taxes on my military disability, it is tax free.
What is the primary function of insurance?
The primary function of insurance company is to provide protection from adverse events. The insurance companies accept premium payments in exchange for companies in the eventthat certain specified but undesirable, event occure.
