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Is my LTD "lump sum settlement" taxable if me and the company I worked for didn't pay into the LTD company?On SSDI.

Business 2 views 1 answers
I recieved a "lump sum settlement" from UNUM after they were told to reassess thier clients due to RICO issues and such. I recieved back pay and Interest which was taxable, and paid the tax. Now they are trying to tax me on a "lump sum settlement" that was fiqured from 2007-to my age of 65..basically 20yrs. It was just over 60K. Is this taxable due to my disability.Neither I or my company paid into this amount of settlement which would make it 3rd party sick pay and taxable.(as states in thier policy)I am on SSDI, I have invested this money in land/home that was taken away due to UNUM stop paying me and others leading to a grand jury investigation. I'm sure any attorney has heard of UNUM.

Attorney Answer

1
Luann Trevino ·
These comments are made for educational purposes only and do not constitute legal advice. No attorney-client relationship exists between us. You need a tax attorney to answer this question. Generally, legal settlements are not taxable. However, settlements due to employee benefit cases are taxable. The IRS has the ability to reach assets that no other entity can.
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