Announcement

Collapse
No announcement yet.

Private Disability Policy

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Private Disability Policy

    I have a self employed client that has been paying on a private disability policy for almost 30 years and now he has to use the policy. When he started it with New York Life his tax preparer at the time told him if he didn't deduct the premiums when and if he had to use the policy that none of it would be taxable.

    Is this correct?

    #2
    A sole proprietor or other individual taxpayer would not have been able to deduct premiums on a disability policy for himself. He did not really have a choice. The benefits from a self-paid disability policy should not be taxable income.

    Comment


      #3
      Originally posted by Burke View Post
      A sole proprietor or other individual taxpayer would not have been able to deduct premiums on a disability policy for himself. He did not really have a choice. The benefits from a self-paid disability policy should not be taxable income.
      Correct, I too have a NY Life disability policy about 35 years old!
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

      Comment


        #4
        thanks

        Thanks for the quick response.

        Comment

        Working...
        X