cctraveler
Junior Member
What is the name of your state (only U.S. law)? Ma
I am currently on LTD that was employer paid. I receive a lump sum each month and pay my own federal and state taxes from there vs having them withhold. I have also applied for SSDI and fully understand that I will be liable to repay the overpayment to LTD carrier if/when I get approved and receive back payment. This will be a lump sum for a few months of 2009, all of 2010 and 2011. In speaking with the claims person at the LTD Insurance co, they expect the whole amount repaid. Since I have already paid taxes on this money, if I send them the full repayment, and have to report this SSDI lump sum on my taxes for Fed and State, how do I prevent double taxation? In speaking with my rep, she said they don't consider taxes so basically I have to pay them and then figure it out. Help? That doesn't make sense so want to have my ducks in a row before this happens?
thanks
I am currently on LTD that was employer paid. I receive a lump sum each month and pay my own federal and state taxes from there vs having them withhold. I have also applied for SSDI and fully understand that I will be liable to repay the overpayment to LTD carrier if/when I get approved and receive back payment. This will be a lump sum for a few months of 2009, all of 2010 and 2011. In speaking with the claims person at the LTD Insurance co, they expect the whole amount repaid. Since I have already paid taxes on this money, if I send them the full repayment, and have to report this SSDI lump sum on my taxes for Fed and State, how do I prevent double taxation? In speaking with my rep, she said they don't consider taxes so basically I have to pay them and then figure it out. Help? That doesn't make sense so want to have my ducks in a row before this happens?
thanks