Taxable Disability Payments
June 5th, 2010Question: are lump sum disability payments taxable?
I was recently declared disabled by social security after a long appeals process. They are supposed to pay for the 2 years i should have been getting payments. All that income will come to me this year, and i'm concerned about tax implications. Should I expect to be taxed on all that income this year?
Answer: generally speaking,no.
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Tags: disability payments, non taxable disability payments, taxable disability payments