2006-10-12 02:34:06 · 5 answers · asked by xjim2525 2 in Business & Finance ➔ Insurance
Although the IRS considers it to be income, your LTD insurer probably can't. Check the definitions section of your policy; most LTD policies define "income" as wages received through working. Since this money doesn't represent wages, you're probably safe.
If you have any doubts, send me a message with the exact wording and I'll let you know.
I hope this helps.
2006-10-12 03:08:48 · answer #1 · answered by Suzanne: YPA 7 · 0⤊ 0⤋
Yes, and so will the IRS! But it's not EARNED income, so shouldn't affect the insurance payout. They only adjust payouts for PAY, ie, salary & wages.
2006-10-12 14:07:36 · answer #2 · answered by Anonymous 7 · 0⤊ 1⤋
its treated as income for tax purposes so no doubt...but if you can do the same thing as for taxes and offset it with losses, then maybe not so much of a problem. Why do they have to know anyway?
2006-10-12 09:36:36 · answer #3 · answered by David B 6 · 0⤊ 1⤋
Yup. If you're getting state or federal aid as well, they may come calling for their share.
2006-10-12 09:35:53 · answer #4 · answered by my brain hurts 5 · 0⤊ 1⤋
Probably
2006-10-12 09:35:27 · answer #5 · answered by aliciarox 5 · 0⤊ 1⤋