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lmfidell
Jul 11, 2007, 03:05 PM
Is workman's compensation settlements taxable?
slipkin
Jul 11, 2007, 06:01 PM
To the best of my knowledge, the answer is "NO" unless, of course, you are sent a 1099 from the insurer. If you are not sent a 1099 A or B, then, I believe, that you do not need to report it.
The Texas Tax Expert
Jul 12, 2007, 04:16 AM
Workman's compensation payments are generally not taxable as long as they were for personal injury or sickness and qualify under the state workman's compensation requirements.

There might be a tax issue if the payments are for medical expenses previously deducted.
CaptainRich
Jul 12, 2007, 04:35 AM
I'm suprised I didn't ask this. I injured my back at work (in Florida) and have been WC benefits since then. My income has been downwardly controlled because of this. I'm looking very much forward to getting well and back to work, though that will interfer with my attendance here at AMHD. ;-)
AtlantaTaxExpert
Jul 12, 2007, 09:06 AM
Agree with TTE. In most circumstances, workmen's compensation is NOT taxable.