Does tax-exempt disability income contribute to the adjusted gross income?
Monday, July 12th, 2010 at
2:49 am
I receive a monthly individual disability benefit that is "tax-free", because I paid the premiums with after-tax dollars. Does this passive income contribute to my AGI? I am concerned, because I want to deduct medical expenses and I benefit with the lowest AGI possible, for the 7.5% threshhold? Thanks!
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Tagged with: agi • disability benefit • medical expenses • Passive Income • premiums • tax dollars • threshhold
Filed under: Passive Income
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Your disability benefits paid from a policy for which you paid the premiums is not included in your gross income. It would not figure into your threshold for medical deductions.
FYI this is not passive income either. There are no limitations at all on this income. Totally tax-free.