Per Internal Revenue Code section 61 all income is subject to income tax unless excluded in tax law. Therefore, a settlement is taxable income unless the taxpayer proves that an exception applies. Internal Revenue Code section 104 provides that damages that compensate an individual for personal physical injuries or physical sickness are not taxable income. […]
Medicare Primer Original Medicare covers hospitalization, professional fees and other common health care costs. Many participants in Original Medicare also purchase Medicare Supplement (a.k.a. Medigap) insurance policies to cover Original Medicare’s deductibles and co-payments and expand coverage for blood and international travel. Unlike Original Medicare, Medicare Advantage Plans are sold by private insurers and are […]
Governor Murphy’s Administration announced that the Affordable Care Act’s open enrollment period runs through Dec. 15, and http://www.GetCovered.NJ.gov provides a portal for New Jersey residents seeking health insurance coverage. The site addresses plan options, financial assistance and contact information for New Jersey residents seeking health insurance. The New Jersey Department of Human Services also announced that […]
The following article was written by guest author Lindsay Engle, editor of Medicare FAQ, and Lindsay is solely responsible for its content. As with all our blog posts, please remember that this website provides general information that isn’t tailored to your particular situation and may not take into account updates, rules and exceptions that affect […]
A few months ago, the Social Security Administration released new POMS on the sole benefit rule for first-party special needs trusts. A first-party special needs trust (SNT) is an SNT established to hold the property of the beneficiary – the disabled person. Often this is funded as part of a lawsuit, using funds that a […]
