Discussion:Group Term Life????
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Death&Taxes (talk|edits) said: | 14 March 2008 |
| I am looking at a W-2 for a physician, age 61, from a NYC hospital. Wages = 366K, Group Term life = 34K. The hospital closed its doors in the middle of last year. The year before his GTL was 3K. Does something sound wrong here? The policy ended when the employer closed. | |
| 14 March 2008 | |
| It looks like a typo - if the taxable premium is $34,000, it must be an extremely large amount of life ins - I wonder if the hospital collected medicare tax on 34,000 - I guess there is no way to find out since it closed. | |
| 14 March 2008 | |
| could they have pre-paid for 10 or 15 years of term instead of just one? | |
Death&Taxes (talk|edits) said: | 14 March 2008 |
| The W-2 is one done by ADP; it was taxed for medicare.
That is what I asked him, Kevin, and he said 'no.' He is not your usual doctor; his textbook is in its 3rd edition and is listed in the top 1000 selling books at Amazon. All he said was 'looks like they messed me up but I doubt I can find them now.' I hope you are right, Kevin, but he wasn't given a policy or anything. | |
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