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    ramhal's Avatar
    ramhal Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Apr 10, 2006, 03:23 PM
    Insurance checks
    Do I have to report insurance checks I received following a job accident? If yes, How ?
    I haven't received any form except the W2 for the income prior to the accident.

    Thank you.
    vaya's Avatar
    vaya Posts: 55, Reputation: 1
    Junior Member
    		  
    #2

    Apr 10, 2006, 05:08 PM
    What kind of insurance that was? Who paid for it?

    Vaya
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Apr 12, 2006, 06:48 AM
    Ramhal:

    Most, if not all, of the insurance settlement is NOT taxable because they are reimbursements for expenses incurred because of the accident.

    If, however, you were disabled by the accident and are not receiving disability payments from your employer, those disability payments are taxable because your employer paid for the disability insurance.

    If YOU paid for the disability insurance, then the payments are tax-free.
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