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Disability Insurance and Tax Time
Disability income insurance benefits are taxed as follows:
- If you pay the premiums, disability income benefits are received income tax free.
- If your employer pays the premiums, disability income benefits will be taxable.
Solely relying on your employers sponsored disability plan may not adequately provide for net, spendable income in the event of disability. Often times it is recommended that individuals purchase a private policy in order to fulfill their income needs in the event of disability.
Fahmy & Associates, Inc, does not provide tax or legal advice. The tax information and tables above are for illustrative purposes only and are not intended as tax, accounting or legal advice. Fahmy & Associates, Inc. does not guarantee or accept liability for the accuracy of this information. Please consult with a licensed CPA or ax attorney for more information.
