What happens when 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 Repayments Starting with page 33.
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, Repayments, starting with page 36.
Related Questions
- Is it possible to receive both worker’s compensation and Social Security disability benefits at the same time?
- 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?
