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I am receiving weekly workman's comp benefit checks for an injury. Will I need to pay taxes at year end for these payments. I am in Illinois?
Wiki User
∙ 13y ago
Amounts you receive as workers' compensation for an occupational sickness or injury are fully exempt from tax if they are paid under a workers' compensation act or a statute in the nature of a workers' compensation act. The exemption also applies to your survivors. The exemption, however, does not apply to retirement plan benefits you receive based on your age, length of service, or prior contributions to the plan, even if you retired because of an occupational sickness or injury.
If part of your workers' compensation reduces your social security or equivalent railroad retirement benefits received, that part is considered social security (or equivalent railroad retirement) benefits and may be taxable. For a discussion of the taxability of these benefits, see Other Income under Miscellaneous Income, later.
Go to the IRS.gov web site and use the search box for Publication 525 Taxable and Nontaxable income
Wiki User
∙ 13y ago
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You were injured at work and using workmans comp can you change jobs without loosing the workmans comp benefit while you heal in the next month?
Where do I look for the answer to this question ?? This link answers the question well: www.thelaw.com/forums/showthread.php?t=31574
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