Are Workers Comp. Settlements taxable on the Fed. Income Tax.?

0 ⤊

Are Workers Comp. Settlements taxable on the Fed. Income Tax.?

2007-01-21 08:44:20 · 3 answers · asked by Rob 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

Generally they are not taxable as long as they are for injury sustained on one's job and paid according to state law.

2007-01-21 08:55:37 · answer #1 · answered by Mr. Zimmer 3 · 0⤊ 0⤋

i too am looking for help on worker comp too what state are you in and are you back at work or not ? and yes it is my understanding you have to pay taxes on your settlement just as if you won the lottery e-mail me dellaken@sbcglobal.net

2007-01-21 08:58:17 · answer #2 · answered by dellaken@sbcglobal.net 1 · 0⤊ 0⤋

Disability income is non taxable. If you declare it they will tax it. If you do not declare it they won't say anything. Just one of those things.

2007-01-21 09:10:38 · answer #3 · answered by Eva 5 · 0⤊ 0⤋