Payments recieved from Workmens Compensation;do we claim it on our taxes?
2006-12-16 05:47:31 · 7 answers · asked by rednkal2 1 in Business & Finance ➔ Taxes ➔ United States
You don't pay tax on workers compensation received by you or your survivors for job related sickness or injuries paid under a workers compensation act or workers compensation statute in the nature of a workers compensation act.
2006-12-16 05:59:06 · answer #1 · answered by Anonymous · 5⤊ 1⤋
Amounts you receive as workers' compensation for an occupational sickesss or injury are fully exempt from tax if they are paid under a workers' compensation act or a statute in the nature of a workers' compensation act. The exemption also applies to your survivors. The exemption, however, does not apply to retirement plan benefits you receive based on your age, length of service, or prior contributions to the plan, even if you retired because of an occupational sickness of injury.
2006-12-16 08:28:38 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes workmans comp is taxable just like your regular wages!! If they where not taxed at the time of payment then you will prob have to pay some taxes on it.
2006-12-16 05:51:05 · answer #3 · answered by Dwayne M 3 · 0⤊ 0⤋
Workman's comp is not taxable, as long as it's from the state.
2016-05-22 23:35:21 · answer #4 · answered by ? 4 · 0⤊ 0⤋
When I received it a few years ago it was taxable. Call an accountant or like H & R Block listed in the phone book. They would know for sure. Sandy
2006-12-16 06:56:26 · answer #5 · answered by Sandra H 1 · 0⤊ 0⤋
Boy, some people just don't know what they are talking about. Worker's Compensation benefits are not taxable.
2006-12-16 11:01:32 · answer #6 · answered by Country Boy 5 · 0⤊ 0⤋
YES, its income
2006-12-16 05:55:31 · answer #7 · answered by mike r 1 · 1⤊ 0⤋