No, it is not according to the IRS:
Workers' Compensation
Amounts you receive as workers' compensation for an occupational sickness 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 or injury.
Caution
If part of your workers' compensation reduces your social security or equivalent railroad retirement benefits received, that part is considered social security (or equivalent railroad retirement) benefits and may be taxable. For a discussion of the taxability of these benefits, see Other Income under Miscellaneous Income, later.
2007-04-11 09:14:30
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answer #1
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answered by me 7
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on condition that you're making an identical volume of money and your RRSP contributions are an identical. also, the Feds raised the earnings tax fee very last July to compensate for the a million% relief in GST. Yep, you are able to tell the Mulroney Torries are nevertheless operating the coach.....
2016-12-03 20:43:47
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answer #3
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answered by blacker 4
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