What happens if I receive a Social Security or Workers Compensation Refund and make a repayment to Unum?
Any portion of the refund that applies to the benefits paid in the current year will be deducted out of the total Unum pays during the current year when Unum prepares the W-2 in January. You will receive notification from Unum as to how much, if any, of the refund is applicable to a prior year. This amount should be taken as a deduction in the year in which you supplied the refund. Please contact your tax preparer regarding this deduction and refer him/her to IRS Publication 525, section titled Miscellaneous Taxable Income-Repayments. With this information, your tax preparer can appropriately deduct the repayment. (Reference http://www.irs.gov/pub/irs-pdf/p525.pdf; pg.
Related Questions
- What happens to any unused contribution? Why can the participants get a refund of their unused contributions at the end of the Plan Year?
- What happens when I receive a Social Security or Workers Compensation Refund and make a repayment to Unum?
- What happens if I receive a Social Security or Workers Compensation Refund and make a repayment to Unum?
