JustAnswer > Tax
Ask A Question|Register|Login|Help
JustAnswer

Tax

Ask a Tax Question, Get an Answer ASAP!

Have your own Tax question?

4 Tax Professionals are Online Now
characters left:
Not a Tax Question?

Question

This was a Group Employer sponsored Policy. However, I paid the premiums AFTER TAX! My LTD claim had been denied on the basis of a preexisting condition by Prov. Ins. Co. (Paul Rev., ("UnumProvident" or "UnumGroup" in as final in May of 2001. I DID NOT have a preexisting condition! Due to bad claims handling practices against claimants, an investigation was conducted by insurance commissioners of several states; this was joined by every other State & DC. In add., invest. the Company on its'' own & joined with the ins. comms. rep.their states to seek justice for their claimants & restitution against the comp. and its subs. Please see the att. link: http://www.dol.gov/ebsa/faqs/faq_unumprovident.html

I applied & was apprvd. for SSDI. Unum reassed claim but still denied claim. However - they BOUGHT claim out for LUMP SUM if I would drop suit & give them back contract; they did not pay atty fees I DID. They issued me W-2 Jan 2007 as third party sick pay! I don't believe it all qualifies as income? However, I can't get Unum nor my previous employer to correct the W-2 and I believe this is because I ultimately had to sue both of them. My employer did not terminate me until September 30, 2003. My hire date was October 4, 1999. The official Settlement Date with (All Parties) was December 14, 2006 - BUT the check was made out jointly to my attorney and me -- they got it first -- and then cut a check to me. I paid them $40,593.23. I received approximately $129,500.00 but I did not receive it until 2007 (it didn't clear until after January 6 or 7, 2007).

Please note my base salary when went out on FMLA in DC (16 wks.), then STD (6 months), then was supposed to go on LTD (until age 65) my base salary was $52,570.00 per year and I was 40 yrs. old. I am now 49; I just turned 49 on 4/1/08.

IRS has audited us because we did not claim this money last year in 2006. I don't even think we need to claim it this year, do you? I have reams and reams of paper to substantiate this and my former employer even gave me TWO different SPD's claiming two different levels of benefit coverage 60% vs. 80% before offset for SS offset and I believe that is part of the reason Unum settled, but I still don't believe I should have to pay any taxes on this money. I am definitely willing to fight for this because it's all the money I'm ever going to get and I AM PERMANENTLY DISABLED FOR LIFE!

Edited by XXXXXXXXXXXX on 4/11/2008 at 3:03 AM

Submitted: 576 days and 8 hours ago.
Category: Tax
Value: $65
Status: AWAITING CUSTOMER ACTION
+
Read More

Optional Information

Optional Information:
Pomfret, Maryland

Already Tried:
We pd. 2 accts.& spk.w. svrl.ppl frm.IRS.It wsnt untl I wnt thrgh 2000's paystbs& w-2, & ltr yrs cncld chks I knew I pd for the ins myself!

Accepted Answer

Dear Mrs TMS,

There seems to be some confusions the handling of this case, between the different law suits. Sometimes the reporting and accouting for so many crossing streams of income can be mis-interpreted by accountants, CPA's, and yes, even the IRS.

There have been for example, incidents in the past years, which the IRS said i was supposed to have resolved, where 1099 income and other disability incomes were miscoded.

For example: If you receive third party payer W-2's for income received from an insurance company for sick or disability, then it is considered taxable if the employer paid the premiums, non-taxable if you paid the premiums, and apportioned between taxable and non-taxable if you both paid the premiums. A code J should be indicated on the W-2 if it is considered non-taxable.

You seem to be aware of this because you asked for amended W-2's and ended up suing for them. (I am not sure if you eveer won the case for amended W-2"s or received a cash settlement instead).

IN most cases settlements for personal incury, sick, disability is considered non-taxable, but there are exceptions.

If part of the settlement was to replace wages, such as the FMLA period, then it is going to be considered taxable income. If it is for replacement of sick and disability payment from a policy whose premiums were paid by the employer, it would be considered taxable.

NOtE: FMLA time is considered taxable, because employer may require you to use accrued sick and vacation time, wich is paid time off, concurrently with FMLA.

Now, I have a suspiciion, I really may not be answering your question. I think you have done a great job in giving me details, which proivde me an opportunity to give feedback.

CAn you give me a more clear picture of how I can help you, rather than simply reciting how this kind of payment or settlements are supposed to be handled.

Picture
Expert: Ed Johnson
Pos. Feedback: 99.2 %
Accepts: 5137
Answered: 4/11/2008

Tax Preparer

GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee

575 days and 19 hours ago.

Reply

Relist: I still need help.
Mr. Johnson asked me to email him back with more information so I did.

Posted by Ed Johnson 575 days and 18 hours ago.

Info Request

Dear Rrs TMSpooch1,

I apologize, but your additional informationdoes not apear, can you try again?

Posted by Ed Johnson 575 days and 15 hours ago.

Info Request

Mrs TMSpooch,.

I keep getting questioned about if I am following up with you, but your resonses to my questions do not appear in my list.

 

+
Read More

Related Tax Questions

  • I am 66 years old, and would like to withdraw the funds from
  • The IRS has asked for a bank record and letters from a quali...
  • I was working for a gentleman and I was suppose to make min.
  • hi m on whm visa..i want to claim my tax back as i am going
  • I supplement my income from horse racing, both telephone acc...
  • Is it possible for a life insurance beneficiary to transfer
  • What are the tax implications when you give some of your own...
  • I filed taxes with my ex husband even though we were separat...



Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Question List | Become an Expert | Terms of Service | Security & Privacy | About Us
© 2003-2009 JustAnswer Corp.