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Do i have to report my workers compensation settlement?
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Do i have to report my workers compensation settlement?
As Workman's compensation is designed to provide for injuries and medical benefits when you are injured on the job, the payments are not taxable income and not reported on your tax return, although there are some exceptions. If the award is not taxable income, then the attorney fees paid to receive it are not deductible. If the award is taxable income, the legal fees would be deductible.
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Do i have to report my workers compensation settlement?
As Workman's compensation is designed to provide for injuries and medical benefits when you are injured on the job, the payments are not taxable income and not reported on your tax return, although there are some exceptions. If the award is not taxable income, then the attorney fees paid to receive it are not deductible. If the award is taxable income, the legal fees would be deductible.
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