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Related Tax Questions
I received life insurance proceeds based on a permanent
I received life insurance proceeds based on a permanent total disability clause. Are those proceeds taxable? I did pay a portion of the life insurance and my employer paid a portion. The policy was un… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,048 satisfied customers
If I cash in my life insurance and I am on social security
If I cash in my life insurance and I am on social security disability do I have to pay taxes on this and will it affect my disability? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,048 satisfied customers
As as As. As an executive for a health care entity I was
As an executive for a health care entity I was diagnosed with a terminal progressive disease and forced to retire at 53 years. I received a severance package, disability insurance, along with $250,000 group life and $75,000 additional term life individual as part of accelerated death benefits (roughly half the value of the policy) supported by phsician-24 months reasonable death. Will I be taxed on the insurance part of the income? … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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I have ALS and used up our savings for caregivers. i have a
I have ALS and used up our savings for caregivers. i have a term life insurance policy that will pay 80 % of the value to me when my doctor certifies that i have less than 24 months to live my doctor … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,867 satisfied customers
I recently received an amount of money from LIVING BENEFITS
I recently received an amount of money from LIVING BENEFITS from my life insurance because I have a chronic illness .I live in Ohio. Do I have to pay taxes to IRS?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,048 satisfied customers
I have a 1099LTC - the box is marked not checked per-diem-
I have a 1099LTC for 2015- the box is marked not checked per-diem- do i need to file the form 8853… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,867 satisfied customers
I received a 1099r with 7d in block 7 and 2b marked (taxes
I received a 1099r with 7d in block 7 and 2b marked (taxes not determined). block 1 is $23442.84. The accelerated death benefit was paid in my name but my husband was the insured. He had a heart attac… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,048 satisfied customers
I have accelerated death benefits, I am the insured and the
I have accelerated death benefits, I am the insured and the policy holder however my wife is the one that is terminal is this taxable… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,048 satisfied customers
I have been declared terminally ill and expected to die within
I have been declared terminally ill and expected to die within the next 12 months. I have a life insurance policy thru my previous employer that has an acelerated death benefit which pays 80% of the p… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,937 satisfied customers
I have a question about a critical illness accelerated death
I have a question about a critical illness accelerated death benefit tax consequence. I was paid an amount of money from a policy after being diagnosed with cancer. I'm not sure if I owe money this ye… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,867 satisfied customers
My wife has been diagnosed with terminal cancer. She is working
My wife has been diagnosed with terminal cancer. She is working still. According to her company's benefits booklet she can, if she obtains a "certification of terminal illness within 2 years", "draw" … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
22,067 satisfied customers
Laura was recently diagnosed with cancer and has begun chemotherapy
Laura was recently diagnosed with cancer and has begun chemotherapy treatments. A cancer specialist has stated that she has less than one year to live. She has incurred a lot of medical bills and othe… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,048 satisfied customers
My grandmother was in a nursing home once medicare was done
My grandmother was in a nursing home once medicare was done paying her nursing home insurance kicked in. @ 100.oo per day. She has since came home and has private health care workers. She received 2 1… read more
socrateaser
socrateaser
1,509 satisfied customers
In March of 2010 my wife passed away. Prior to that she had
In March of 2010 my wife passed away. Prior to that she had been in a convalescent hospital and when her Medicare alloted time ran out, in an attempt to "spend down" to apply for Medical, I cashed in … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,048 satisfied customers
We purchased a viatical for a teminally ill patient. We purchased
We purchased a viatical for a teminally ill patient. We purchased it for 13,725 and paid various premiums until 2008 when we received 21,000 from the death benefit. Is the viatical taxable?… read more
Anne
Anne
Master Tax Preparer
2,551 satisfied customers
Hi I am British non US resident with an interest in a viatical
Hi I am British non US resident with an interest in a viatical policy which on maturity will be subject to a 30% withholding tax by the IRS on the gross payment. I hold an ITIN. How do I go about recl… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
22,067 satisfied customers
My wife will receive an accelerated death benefit from two ...
My wife will receive an accelerated death benefit from two life insuance policies. One for 28,000.00 and one for 50,000.00. Is this taxable income and at what rate?… read more
Bill
Bill
Master's Degree
3,157 satisfied customers
Taxable status of benefit from Life Insurance Plan
Is a one-time payment from a critical illness clause in a life insurance policy taxable? It is not a death benefit, but is a one-time lump sum paid to the insured if diagnosed with a life-threatening … read more
R. Greg Paszkiewicz
R. Greg Paszkiewicz
Accountant
Bachelor Degree
140 satisfied customers
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