is Workman's comp tax deduct able?

2 ⤊

is Workman's comp tax deduct able?

i received wc for four months out of the year in 2006
do i have to pay tax for those monies at the end of the year
i live in california if that makes any difference

2007-01-22 11:22:19 · 3 answers · asked by tammylvn@verizon.net 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

No, you do not.

2007-01-22 11:29:34 · answer #1 · answered by Anonymous · 1⤊ 0⤋

Worker's Compensation benefits are fully excluded from Federal taxes. See IRS Pub 525, page 17. Ignore the poster that says it's taxable.

http://www.irs.gov/pub/irs-pdf/p525.pdf

2007-01-22 11:41:24 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋

you have to include it on your taxes....

2007-01-22 11:29:49 · answer #3 · answered by zdonz 3 · 0⤊ 2⤋