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Do you have to claim short term disability on your tax return?
In many cases yes. Go to irs.gov and search pub 525 and read under "Sickness and Injury Benefits"
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This is not declared income and you will not have to pay income taxes on it. Same thing for child support. However, Alimony payments have to be delclared and will be taxed.
Benefit payments begin after satisfying the policy elimination period. The elimination period describes the length of time the policyholder must be disabled before benefit… payments begin. The elimination period is established when completing the policy application. Generally policies with shorter elimination periods have higher premium costs, so the answer partially depends upon the choices made at purchase. There may be separate elimination periods for accidents and illnesses, so the answer also depends upon the reason for the disability.
No Veterans service connected disability pay is not reported on your income tax return. You do receive a 1099 information form from the VA for the amount of your disability pa…y that youu receive during the year.
No you can not, it clearly states that the person has too live with you. Its clear that the inmate does not live with you If you are married to an inmate, though, you can fil…e a joint return. You just cannot claim an inmate as a dependent.
You can claim a maximum capital loss of $3,000 each year and carry any remaining capital loss forward. This is AFTER netting it against capital gains. So if you have $20,…000 capital loss and $15,000 in capital gains, your net would be a $5,000 loss. You can claim $3,000 of that loss this year and $2,000 next year. NOTE: The question states "short term capital losses" - no such animal. Until you hold the asset for a year or more, any gain or loss irealized from the sale of that asset s considered netted against your ordinary income. After a year the gain or loss is long term, or capital, and a long term loss can be used to off-set any capital gains to the full extent of your current yerar capital gains. If your capital loss exceeds the capital gains, you can apply up to $3,000 of the additional capital loss against your ordinary income. Any additional loss over $3,000 in the current year would roll forward to by used in future years.
YES - if you can document that your support is 50% or greater of the parents disability check
Taxation of Disability insurance benefits, whether Long-Term or Short-Term is dependent on who is paying the premiums. -If the Short-Term disability insurance is provided by… your employer, then the benefits will be taxable at time of claim. If you pay your own premiums, then you need to check as to whether you are paying with pre-tax dollars or post-tax dollars. -If you are paying pre-tax then the benefits will be taxable at time of claim. -If you are paying with post-tax dollars then the benefits are not taxable at time of claim.
Yes, by the federal government only. The IRS, federal student loans, ect. Regular creditors can not.
Assuming it is a legitimate layoff (and not done for discriminatory reasons... for example, BECAUSE you are disabled), it is indeed legal in most circumstances to lay off an e…mployee who is out on a Short Term Disability claim. However, if the person would not have been laid if they were not out on leave, that may be considered discriminatory, so great care should be taken by the employer to be sure that what they are doing is allowed. In these cases, the employer should carefully examine (and document, ideally) the business rationale for the layoff as well as why the employee on leave is among those being laid off. The more objective the method... by seniority or skill sets, for example... the more likely it is that the layoff is legal. Of course being out on disability is not necessarily the same thing as a Medical Leave, but for those employers large enough to qualify for the Family and medical Leave Act (FMLA), they should also review the regulations for insight. For example, according to Section 825.216 of the regulations pertaining FMLA, "An employee has no greater right to reinstatement or to other benefits and conditions of employment than if the employee had been continuously employed during the FMLA leave period. An employer must be able to show that an employee would not otherwise have been employed at the time reinstatement is requested in order to deny restoration to employment" Furthermore, many states such as California and Maryland (and the District of Columbia) have their own "mini-FMLA" type laws that may have different requirements which could apply even to employers that are too small to be subject to federal FMLA. So the employer should check with the state in which the employee lives, the state in which the employee works, and the employer's state of situs (if different) to determine if more stringent state-level rules may apply. If in doubt, the employer may also wish to consult with an attorney with experience in labor laws and/or ERISA. Finally, it should be noted that being laid off does not qualify one for disability benefits. Disability insurance and being laid off are not usually associated. Being laid off should have nothing to do with your claim status.
Short term disability policies offer a variety of benefit periods (how long the benefit lasts): 3, 6,12, and 24 month benefit period options are very common. Check y…our policy for the benefit period.
Depends. Basic guideline is if you paid for the policy paying the benefit, then the benefit isn't taxable. If someones else contributed to it, or if it was paid with befor…e tax money (as in some employee packages), then the money is taxable. However, consider the income being replaced would have been taxed too.
Yes this is possible BUT. IF you do NOT have any other sources of worldwide gross income that you would have to report on your 1040 federal income tax return the answer is NO.… For additional information on the taxability of Social Security benefits, Go to the IRS gov website and use the search box for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits.
It depends on how whether your employer gave you the option. If you are buying your policy for maternity purposes you are better served paying after tax. Pre-taxing disability… premiums makes the benefit taxable. Your maternity benefit is likely to be much larger than the premium you pay. It's better to pay taxes on the smaller amount - the premium.
Yes. If the employer paid the premiums for the disability insurance payments that you are receiving. And you will have some taxable income that you will have to report on your… 1040 federal income tax return.
Call 1 800 238 2125. Give answers to your SS number and birth date. They give out limited answers like "your claim is active" in computer answers, no real person is talking to… you. They cut you off, no more you can get. This is a disgrace of a supposedly good insurance company. Shame on their leadership!
Generally speaking, this depends on who paid the premiums. If you bought the policy yourself with after-tax dollars, (it didn't come out of your paycheck before taxes we…re figured) then it should be tax free. If your employer paid for the policy, then the IRS considers it taxable income.