Question

LTD INCOME ON W-2

Forum|Forum|3 years ago
January 30, 2023
1 reply
0 views

I received LTD payments for 3 months last year. I pay 66% of my premium after-taxes as a payroll deduction. I received a W-2 for the LTD but for the full amount in box 1 with 3rd party sick pay indicated. Box 3 & 5 indicate lesser amounts.

My understanding is that if I paid some or all of the premium, post tax, I only need to claim the % of the benefit amount I received that was paid by my employer. Hence, I should only have to claim 34% of what I received in payments. Is this correct? I am in Michigan. How do I report this on my taxes to reflect this or do I need to ask for a corrected W-2? Thanks in advance!

TurboTax Home & Biz Windows

R

RobertB4444

You are correct and you should be issued a corrected W2. At this point the IRS will assume that the amount in box 1 is correct and you don't have a good way to fix it on your tax return.

Be sure that your contributions are post-tax, however. If they are pre-tax then they are taxable to you.

@Sh6862

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"