NASSAUSUFFOLK

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  • 1.  LT Disability

    Silver Most Valuable Member
    Posted 04-09-2014 09:37 AM
    This message has been cross posted to the following Discussions: NASSAUSUFFOLK and Federal Tax .
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    Client received W2 in wages box 1  $3,312.00, No Fica and No Med
    In  box 14 Other  same dollar amount labeled LTD (Long term dbl)

    Is this taxable.  If not how do I backout .  I use lacerte

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    Gary Geisenheimer
    EA
    Gary Geisenheimer
    Woodbury NY
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  • 2.  RE:LT Disability

    Platinum Most Valuable Member
    Posted 04-17-2014 03:52 PM

    If the DBL payments were made more than six months after the "incident" there is no FICA or Medicare deducted from the (income) taxable benefit.  The taxable benefit is that portion of the benefit related to the portion of the annula premium paid by the employer compared to the total premium, ie if the annual premium is $42 and the employee paid in sixty cents a week ($31.20)  the differnce divided by the $42 is the "taxable" portion.
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    David Rothfeld
    DAVID J. ROTHFELD, CPA
    Hicksville NY
    516-433-2129
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