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When is disability income protection taxable to you?

Situation

Beneficiary


Payor

Deductibility

Income Result

Individual

Self

Self

No

Tax Free

Employee

Self

Self

No

Tax Free

Employee

Employee

Employer

Deductible

Taxable

Business Owners Proprietor/Owner

Self

Self

No

Tax Free

S Corp Owner

Self

Either

No

Tax Free

Reg. C Corp Owner

Self

C Cop.

Deductible

Taxable

Partnership or
LLC, LLP

Self

Either

No

Tax Free

Note: When employer is the premium payor; Employer is responsible for FICA tax on benefit during first 6 months of disability. Employee will have to pay his/her share of FICA as well.

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