If you receive a settlement through workers comp are you required to pay taxes on it?

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If you receive a settlement through workers comp are you required to pay taxes on it?

2007-11-25 04:47:54 · 2 answers · asked by Jen 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

In the United States you dont pay taxes on a settlement from Workmen's Comp or any other insurance payment. This is to compensate you for pain and medical expenses and is not considered income. Your pay while on WC is also tax free.

2007-11-25 04:56:35 · answer #1 · answered by Diane M 7 · 0⤊ 0⤋

2007-11-25 04:55:00 · answer #2 · answered by Feline05 5 · 0⤊ 0⤋