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Have a Tax Return question
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Have a Tax Return question
how are payments received from Aflac & Unum (disability) handled on a tax return. Do you have to pay taxes on this money?
I did call them and they said to ask our accountant, and then our accountant just wanted to know if we are getting a 1099 (which we are not) 
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Posted 2/9/09 10:43 AM  |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Have a Tax Return question
if your not getting a 1099 the taxes should have been paid in already, I think.
did you get any statments from them? maybe an end of the year statement reflects the taxes paid
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| Posted 2/9/09 11:15 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: Have a Tax Return question
Posted by julz33
how are payments received from Aflac & Unum (disability) handled on a tax return. Do you have to pay taxes on this money?
I did call them and they said to ask our accountant, and then our accountant just wanted to know if we are getting a 1099 (which we are not)
It depends on who paid the premiums of the policies. If you pay the premium, the benefits shouldn't be taxed. If your employer paid the premiums, then the benefit would be taxable and reported as ordinary income.
You can call the IRS to confirm.
Message edited 2/9/2009 11:52:00 AM.
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| Posted 2/9/09 11:51 AM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: Have a Tax Return question
when I was on maternity leave, I got a 1099 from the disability company and had to pay taxes on that money 
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| Posted 2/9/09 11:53 AM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: Have a Tax Return question
Posted by shamrock124
Posted by julz33
how are payments received from Aflac & Unum (disability) handled on a tax return. Do you have to pay taxes on this money?
I did call them and they said to ask our accountant, and then our accountant just wanted to know if we are getting a 1099 (which we are not)
It depends on who paid the premiums of the policies. If you pay the premium, the benefits shouldn't be taxed. If your employer paid the premiums, then the benefit would be taxable and reported as ordinary income.
You can call the IRS to confirm.
Thank you.. I actually saw the same thing online when I searched some more.
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| Posted 2/9/09 8:42 PM |
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