worked till October, the dissability started 2 weeks later
2007-02-02 11:18:50 · 6 answers · asked by NINA 1 in Business & Finance ➔ Taxes ➔ United States
I beleive the answer is yes.....You do have to pay taxes on disability...
2007-02-02 11:21:50 · answer #1 · answered by Jenny T 4 · 0⤊ 2⤋
It's rare, but it happens. If your only income was SSD, then none of it is taxable. Since you had a job before getting disability, you might.
SIngle taxpayers that make under $25,000/yr (employment & disability) will not have to pay tax on SSD income. Even if your combined income is over the threshold, only a small portion would be taxable.
If you're married and filing jointly, the threshold is $32,000 of you and your spouse' s combined income.
2007-02-02 12:53:49 · answer #2 · answered by Celeste 6 · 0⤊ 0⤋
If your disablility was paid by Social Security, it is not taxable.
If it is paid by a commercial policy that you paid for, it is non-taxable.
If it is paid by an employer sponsored plan, it is fully taxable. If you shared the cost of an employer sponsored plan, the portion of the disability that was paid for by your employer is taxed and your portion is not.
2007-02-02 11:32:33 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Your regular income is taxable, your Disability shouldn't be. They'll both send you W-2s or 1099s. Read the instructions on the form. I don't think your Disability will be taxed.
2007-02-02 11:24:06 · answer #4 · answered by hatchland 3 · 0⤊ 3⤋
Disability payments are normally not taxable at all, and neither are insurance benefits.
There are tax consequences, so you still have to file. But the consequences are related to your other income, not to the disability payments.
2007-02-02 11:28:20 · answer #5 · answered by Anonymous · 0⤊ 3⤋
YOU DEFINITELY STILL HAVE TO PAY TAXES BECAUSE THAT'S HOW THE GOVERNMENT WORK.
2007-02-02 11:26:40 · answer #6 · answered by PRECIANA 4 · 0⤊ 2⤋