I received SSDI back pay for $57,000, but had to pay back my LTD Insurance Company $32,000. Where do I deduct this on my taxes?
Total Comments: 1
Posted: Sat Feb 07, 2015 08:38 pm Post Subject:
Unless you paid income tax on your benefits from a personal disability income insurance policy -- which is highly unlikely -- there is nothing to deduct from your income tax. You simply owe the month to the insurance company because there is a provision in the policy that coordinates its benefit with that of the government. This is common to most DI policies.
Posted: Sat Feb 07, 2015 08:38 pm Post Subject:
Unless you paid income tax on your benefits from a personal disability income insurance policy -- which is highly unlikely -- there is nothing to deduct from your income tax. You simply owe the month to the insurance company because there is a provision in the policy that coordinates its benefit with that of the government. This is common to most DI policies.
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