I started out working in Feb. 2006, was injured in Aug 2006, and have been on workers comp from August - present. I am going to be filing taxes soon, do I just include my income from Feb - Aug, and not include workers comp because it's not taxable? Or do I include my yearly salary, as well as the workers comp? If it matters, I live in Arizona. Not sure about the state regulations for this.
2007-01-16 16:35:38 · 5 answers · asked by =] -- * 3 in Business & Finance ➔ Taxes ➔ Other - Taxes
So do I include it in my AGI? Or is there a different place to put it on the form?
2007-01-16 16:44:03 · update #1
Workers comp is designed to provide money to you during a period of trauma. It actually is income and should be declared. This payment is not a gift. So you will have to include the income from it in your taxes.
2007-01-16 16:42:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Judy's answer was spot on. If you have more questions I would go to IRS web site and look at PUB 17 under who should file that is a very good start. Or try your local HR Block they can look at everything for you and tell you.
2016-03-29 01:06:50 · answer #2 · answered by ? 4 · 0⤊ 0⤋
You only include the wages you actually got paid - they'll be on your W-2. You do not report the workman's comp.
2007-01-16 16:50:03 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
u only use your earned income from feb to aug. workerscomp is not taxable. your w2 should only have youe feb - aug income on it
2007-01-16 20:42:09 · answer #4 · answered by tazpooh 1 · 0⤊ 0⤋
You declare it, but it is not taxed.
2007-01-16 16:43:22 · answer #5 · answered by Amy 911 5 · 0⤊ 0⤋