I've never used my STD before, so I'm just wondering if it's taxable? And if so, do they generally tax it before you get the check, or do you pay taxes on it at the end of the year? Our STD is optional, so I pay to have it through my employer. And what I pay for it is taken out of check pre-tax like the rest of my benefits if that helps. Thanks!
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My STD (Short term disability) came as a regular paycheck with taxes withheld.
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I work in insurance... If you pay for your STD pre-tax, then you will pay taxes on the money when you recieve payment. I believe they take it out of each paycheck, but it could vary based on how your Employer has this set up. I would advise that you talk to HR and/or the STD Carrier to find out. Hope that helps!
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I've been wondering this as well...I haven't talked to my HR department yet about this, but on the TurboTax site it states that
"If you and your employer share the cost of a disability plan, you are only liable for taxes on the amount received due to payments made by your employer. "
It goes on to say that if you pay for the entire cost of the plan yourself that with post-tax dollars (which I do) you do not need to report the payments as income. If your employer pays half of the cost of the plan, then you would have to report half.
I'm keeping my fingers crossed that this is correct, as I'd love to not have to pay taxes on it
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3 comments