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| *Loan,banking and credit>>>disability insurance |
If you are self employed...is disability insurance a write off...and if so, how much??? |
If you are self employed...is disability insurance a write off...and if so, how much??? Normally a self employed person does NOT get to write off the cost of disability insurance. However, the good side is that if you collect on it, the benefits are not normally includable in income. if u are on disability(SSD) ur are not supposed to be working UR DISABLED. they will reduce ur check accordin to what u earn. We have special rules called "work incentives" that help you keep your cash benefits and Medicare while you test your ability to work. For example, there is a trial work period during which you can receive full benefits regardless of how much you earn, as long as you report your work activity and continue to have a disabling impairment. The trial work period continues until you accumulate nine months (not necessarily consecutive) in which you perform what we call "services" within a rolling 60-month period. We consider your work to be "services" if you earn more than $620 a month in 2006. For 2005, this amount was $590. After the trial work period ends, your benefits will stop for months your earnings are at a level we consider "substantial," currently $860 in 2006. For 2005, this amount was $830. Different amounts apply to people who are disabled because of blindness. For an additional 36 months after completing the trial work period, we can start your benefits again if your earnings fall below the "substantial" level and you continue to have a disabling impairment. For more information about work incentives, we recommend that you read the leaflet, Working While Disabled-How We Can Help (SSA Publication Number 05-10095). SSA |
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