martin paid after-tax premiums for a long-term disability plan through his employer, after an illness, he retired in december 2019 at age 62. he elected to delay collecting social security. the disability policy paid $2,500/month. if he had no other income for 2020, what would his taxable income be g

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notchasedeibel5453 notchasedeibel5453

21-12-2021
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martin paid after-tax premiums for a long-term disability plan through his employer, after an illness, he retired in december 2019 at age 62. he elected to delay collecting social security. the disability policy paid $2,500/month. if he had no other income for 2020, what would his taxable income be g

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Tundexi Tundexi · Answer 1 · 2021-12-27T13:10:38+01:00

Because he had no other income for 2020, then, his taxable income will be nil.

Basically, the taxable income refers to income which is earned and subject to taxation.

Here, the after-tax premium paid through the employer will not be taxable because the premium paid by the employer in long term disability plan will be considered as benefits and benefits are tax-free.

In conclusion, because he had no other income for 2020, then, his taxable income will be nil.