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| Thoracic Outlet Syndrome Thoracic Outlet Syndrome/Brachial Plexopathy. In Memory Of DeAnne Marie. |
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02-16-2008, 11:09 PM
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Grand Magnate
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Mtnmom,
Yep it 7.5% of your income. Make sure you include mileage to and from doc appts and any parking fees. And include any insurance premiums as long as they are not deducted as pre-tax income. |
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02-17-2008, 11:01 AM
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#12 | ||
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Member
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Thanks guys! I dont know how I missed that on the IRS web-site. Sadly, by just doing the math in my head, I will be over 7.5% of my income in medical bills. Unbelievable! Better start collecting all those bills I paid...
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02-17-2008, 04:26 PM
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In Remembrance
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IS disability income taxable?
For income that comes from a salary replacement contract, is that taxable? Does it turn on whether the employer paid the premium each year prior to the injury, or, the employee? If anyone can answer those two questions, seems no one can with any certainty by my tax experts. (Time for firing!) |
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02-17-2008, 11:18 PM
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Co-Administrator
Community Support Team
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Tam - I found these-
TAX PLANNING TIPS: DISABILITY INSURANCE The income you receive from disability income insurance may or may not be taxable. The taxability of disability income insurance benefits depends on what type of benefits you receive, whether the premiums were paid with pretax or after-tax dollars, and who paid the premiums (you or your employer). Individual disability income insurance The rules surrounding taxation of individual disability income insurance benefits are generally simple. Because you pay the premiums with after-tax dollars, the benefits you receive are tax free. However, unlike health insurance premiums, you can't deduct premiums paid for individual disability income insurance as a medical expense. Sometimes, your employer pays for an individual disability insurance policy on you. This may be the case if you are considered to be a key employee of the business. If so, different rules may apply. If the employer gets the benefit, then the premium is not deductible to the company, and the benefit is not taxable when received by the company. http://www.360financialliteracy.org/...+Insurance.htm IRS- http://www.irs.gov/faqs/faq4-9.html WorldWideWeb Tax http://www.wwwebtax.com/income/long_term_disability.htm
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