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 were figured) then it should be tax free. If your employer paid for the policy, then the IRS considers it taxable income.
If your disability payments are through the VA then they are tax free and are not considered taxable income.
Maybe. Disability payments can considered tobe partially or fully taxable income.
Not if you were paying for your own policy yourself. Tax free benefit. 4lifeguildMaybe. Disability payments can considered tobe partially or fully taxable income.
If I collected Disability payments in 2013 - on what line (or are they exempt) do they appear as income - Are they considered wages?
Depends on the type of disability payments you receive. I do not have to pay taxes on my military disability, it is tax free.
Is VA Disability income exempt from bankruptcy income claim?
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.
I am on SSDI and am not aware of any taxes imposed, in 27 years. At least I have never been, since in the ordinary course of things, someone in SSI lives below the "poverty line". Hope that works for you.
No. Social Security Disability payments are not based on assets, but on income. Owning a house may affect SSI (Supplemental Security Income) payments, especially if the house is particularly large, valuable, or the individual owns more than one house.
Yes it can happen that from 50% to 85% of your SSB can become taxable income on your 1040 income tax return.
Payors of dividends and interest do not ordinarily withhold income taxes from those payments. However, persons who do not report that income on their tax returns are subject to "backup withholding" of taxes from those payments.
VA compensation payments for service connected disability is NOT reported as taxable income on your income tax return.