Taxes?

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Latest post 02-03-2010 11:41 AM by Taxagent. 3 replies.

  • 02-02-2010 1:52 PM

    Taxes?

    Is the monies I received during 2009 from WC benefits taxable?

  • 02-02-2010 1:57 PM In reply to

    Re: Taxes?

    No.

  • 02-03-2010 11:15 AM In reply to

    Re: Taxes?

    The general rule is no.  But, if your are also receiving Social Security disability benefits, and social security is taking an offset for your workers' compensation, part of your workers comp may become taxable.  It will be reflected in your Social Security 1099.

  • 02-03-2010 11:41 AM In reply to

    Re: Taxes?

    Generally, the answer is that they are not subject to federal income tax except to the extent they are treated as a substitute for Social Security. See the worker's compensation discussion in IRS publication 525. Your state income tax rules might be different, and you'd need to check with your state department of revenue on that.
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