Is private disability insurance taxable?

Answer Whether or not private disability insurance BENEFITS are subject to Federal income tax is based primarily on whether the PREMIUMS for that coverage were paid with pre-tax or post-tax dollars, by wh... Read More »

Top Q&A For: Is private disability insurance taxable

Is disablilty taxable with a Waiver Of Premium Rider for private disability insurance?

Most Individual Disability policies have waiver of premium once you qualify for disability benefits built into the policies. If the premiums for the policy were not deducted as a business expense t... Read More »

Are private disability claim checks taxable in NJ?

It depends on how you paid the premiums. If you paid with after tax dollars, your benefit is completely tax free. If you used pre-tax dollars you would owe Federal Income taxes, but not NJ Income... Read More »

If you collect private disability and then SSDI gives you back benefits do you owe money to your private insurance company?

I would think not unless you had a SS offset rider on the policy. Check with your agent!

Is disability insurance taxable in Canada?

Disability insurance is taxable in Canada. It must be claimed on Line 114 of the general return. Enter the amount from slip T4A in Box 16 on Line 152 of your return.References:Canada Revenue Agency... Read More »