Is Money From Disability Insurance Taxable?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaDisability insurance benefit proceeds can have two outcomes when inserting taxation or the lack thereof into the planning equation. You can insure up to 60% of your compensation tax free with nondeductible premiums or insure up to 80% of your compensation taxable with deductible premiums through a business benefit arrangement.Answered on June 3, 2013+01+1 this answer
0flag this answerview more answers by David Racich- 616 POINTSview profileRobert J Russell - Finalist for Broker of the Year 2015Broker Owner, InsuranceAgentsSelling.com, United States (Most States)This is one of the most popular questions that I get asked so here is my answer: If you paid all of the premiums with after-tax income, or if your employer made the contributions and included the amounts in your gross income, any disability insurance benefits paid to you are exempt from tax.Answered on March 6, 2016flag this answer
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
.JPG){kind=avatar}
