Do I amend my tax return to reverse out the LTD that was taken when I received my SSD?
Over two years I received $42,000 from the insurance company for my long term disability. I paid taxes on that money; however, when I received my social security disability, the insurance company apprehended the $42,000 out of my SSD lumpsum. Since I have already paid the taxes on the $42,000. How do I get back the taxes?
- mercedesLv 74 weeks ago
You won't pay taxes on the Social Security you didn't get so it works out in the wash.
- STEVEN FLv 74 weeks ago
YOU consult a tax professional.
You DO NOT believe A Hunch knows what he is talking about.
Note: His username is also his primary source.
- A HunchLv 74 weeks ago
Were your LTD benefits supposed to be taxed to begin with?
- paid with pre-tax dollars or your employer did not impute the benefit cost?
LTD & SSDI are taxed the same. There is nothing to recoop.
Who works at a bank and doesn't know how to google and probably has no clue what imputed income is =
SS, SSDI, and LTD are all tax free to $24999 (single rate)
$25K-$34K taxed at 50% of benefits.
$34001 and above taxed at 85% of benefits.
** Please say thank you to Joe Biden for the taxation of social security benefits and single handedly reducing the average senior's income by 17.5%
Why are you so sexist that you think every person who you don't know their name is a man? Also,