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do i have to pay taxes on an aflac insurance payout.?

2 Answers

  • Gem
    Lv 7
    1 decade ago
    Favorite Answer

    When it comes to insurance payouts in general.

    If you paid the insurance premiums POST tax (out of your paycheck after taxes are figured or just cut a check out of your checking) then your insurance payout is not taxed.

    But if your premiums are deducted from your Gross Pay (before taxes are withheld, thus reducing your income) then you must pay tax on the payout.

    There are some policies that must be treated specially, talk to your tax preparer to make sure.

    Source(s): former insurance agent and current accountant
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  • 1 decade ago

    If aflac is health insurance paid to a provider of medical services then it is not taxable to you as it is not income or anything like that.

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