BOBOT
Recycles dryer sheets
- Joined
- Aug 17, 2006
- Messages
- 478
So with my Sat morning coffee I'm perusing the Retiree Handbook (!) that came yesterday, when I encounter the following regarding the life insurance provided to retirees:
Basic group life insurance is subject to imputed income taxes. This means that if your coverage exceeds $50,000, the value of the coverage in excess of $50k is subject to FICA and federal and state income taxes. The value used to determine imputed income is based on a table provided by the IRS ....
A cursory search of irs.gov was fruitless. Anybody know what the hell this is all about & what kind of hit I can expect? Heck, I might turn down the insurance if they let me...
Basic group life insurance is subject to imputed income taxes. This means that if your coverage exceeds $50,000, the value of the coverage in excess of $50k is subject to FICA and federal and state income taxes. The value used to determine imputed income is based on a table provided by the IRS ....
A cursory search of irs.gov was fruitless. Anybody know what the hell this is all about & what kind of hit I can expect? Heck, I might turn down the insurance if they let me...