Will i get anything back? Do i have to pay in? Yes i am clueless...I was on workmans comp for 4 months with carpel tunnel. Thanks in advance for any answers
2007-02-01 11:11:22 · 7 answers · asked by logan_1_0_1 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Workers" Comp Payments are not "tax deductible" in fact they are taxable by the fed and most states. Workman's' Comp Premiums are paid by employers to cover their employees getting hurt on the job.
You will get a form similar to the W-2, showing how much you were paid, and how much tax was taken out. You use this form along with any other W-2's you get in figuring you total gross income.
2007-02-01 11:59:28 · answer #1 · answered by The Parthian 3 · 0⤊ 2⤋
Geez, what a bunch of wrong answers. Unemployment comp is fully taxable, workman's comp generally is tax exempt. See page 50 of IRS Publication 17, which you can download at irs.gov. There are some exceptions shown there where it is taxable, but for the most part, it's not.
2007-02-01 12:39:30 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
too lots info. Watch the mail in January for the 1099 and 1098 types. If the 1099s and W-2s exceed, $19,500, take each little thing to a preparer. each and each based is yet another $3800 that does no longer be taxable. As for the "new corporation," what corporation? in accordance to you, you're on disability and can't artwork and your husband is on human beings comp and can't artwork. You state it hasn't generated earnings yet, so whether you have valid fees you won't be able to declare any yet. lots of the topics around your 19 3 hundred and sixty 5 days previous are how lots develop into the Pell furnish vs. how lots develop into training. Did she get any loans? If the Pell furnish develop into under training and she or he did no longer help herself, then you particularly might to declare a a risk training credit. If the Pell furnish develop into greater beneficial than training, she might have a submitting requirement because of the fact her W-2 is so on the factor of $5950. If she *did* help herself, each little thing is going on her return. (this may well be a real determination, no longer a call. Get the numbers and determine it out.) Did the 15 3 hundred and sixty 5 days previous stay with you? If no longer, you're able to desire to have the custodial determine sign the 8332 until now claiming them. in the journey that your 19 3 hundred and sixty 5 days previous did no longer help herself and any training develop into paid out of pocket, then there ought to be an training credit for a reimbursement. As on your daughter, her earnings is hers. the only questions are whether or no longer she supported herself or no longer and whether any of her factors have been used to pay non-training fees. A W-2 for $5284 is below the $5950 for a based, yet is so on the factor of $5950, she ought to flow over that.
2016-11-02 02:16:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Workmens' Comp is not tax exempt, as it is replacement for salary.
FYI--Disability pay may be tax exempt, depending on whether you or your employer paid the insurance premium (and whether that payment was made with pre- or post- tax money).
2007-02-01 11:34:37 · answer #4 · answered by alienz_r_us 1 · 0⤊ 2⤋
It's not tax deductable, it's taxable meaning you will pay taxes on it.
2007-02-01 11:15:24 · answer #5 · answered by jtcampbell1 2 · 0⤊ 1⤋
workman's comp is income
2007-02-01 11:20:57 · answer #6 · answered by scoodlelou 3 · 0⤊ 2⤋
I DON'T THINK YOU HAVE TO PAY TAXES ON DISABILITY PAY.
2007-02-01 11:16:38 · answer #7 · answered by bettys 4 · 2⤊ 0⤋