This is my first year on dissability... would my husband and I be
Wise to have a professional do our taxes? I am not sure how much has to be claimed... etc.thanks
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This is my first year on dissability... would my husband and I be
Wise to have a professional do our taxes? I am not sure how much has to be claimed... etc.thanks
Since you appear to have no idea, I would use a professional.
Agreed; some disability payments are tax-exempt, while others are not.
Using a competent tax professional for your initial return will give you a template off which you can file your own return using on-line or off-the-shelf tax software.
Payments you received from a disability insurance policy that you paid the premiums for are not earned income. It does not matter whether you have reached minimum retirement age.
If this policy is through your employer, the amount may be shown in box 12 of your Form W-2 with code "J." Then it will be reported as income.
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