Is Workman's Comp Taxable Income?
Generally, workman's comp income is not taxable in most states, though certain benefits from the Railroad Retirement Act or Social Security Act can be calculated and taxed. Consult a tax expert when in doubt about workman's comp benefits using advice from a lawyer in this free video on workers' comp.
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You have suffered a injury on the job and you're now receiving workers' compensation indemnity benefits and you want to know whether it's going to be taxable or not. Hello I'm Robert Todd, and I'm here to answer the question, is workers' compensation benefits taxable? Well generally speaking workers' compensation benefits are not taxable income. Now of course as with every area of the law there are exceptions. If you are receiving railroad retirement benefits or you are receiving social security benefits, the extent to which you receive workers' compensation indemnity benefits may be calculated and taken into consideration in the amount of benefits you are receiving, either under the Railroad Retirement Act or the Social Security Act. So if you are in doubt you may want to consult a tax expert to make sure that you are reporting the workers' compensation benefits and they are being categorized and calculated accordingly. I'm Robert Todd and thank you for watching.