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4 Responses to “Are Workers Comp. Settlements taxable on the Fed. Income Tax.?”
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Generally they are not taxable as long as they are for injury sustained on one’s job and paid according to state law.
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
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.
Wow… wrong, wrong wrong… Workers compensation benefits, NOR
settlement money is taxable at the state or federal level. You
don’t get a W-2, or a 1099, as these are not wages, or lost income
for tax purposes. Also, if you read the Form 1040 instructions you
will find NO line to enter WC benefits on. It’s not about
declaration or not. Eva is mistaken on this one. Its not “just one
of those things”. IF comp benefits/settlements were taxable… the
IRS would know about the money as the Employer/Ins Co would have to
notify the IRS, and you’d be given a 1099…just like you would if
you won the lottery.