Solved: I only received lost wages, a workers comp settlement in 2016 how should I file
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channey11
New Member

I only received lost wages, a workers comp settlement in 2016 how should I file

I also did some day trading and traveled for 7 months writing and want to to if I can deduct travel expenses. I recieved no other income
1 Best answer

Accepted Solutions
LeeM
New Member

I only received lost wages, a workers comp settlement in 2016 how should I file

You should not need to report the lost wages since they were a worker's compensation settlement. 

Workers' compensation benefits are not normally considered taxable income on your federal or state return. There is an exception when you receive both workers’ compensation and Social Security (or Railroad Retirement) benefits and part of your workers' compensation reduces your Social Security, that part may be taxable.

As far as your other income, you would need to claim all income and the expenses incurred for that "self-employed income".

You can review how to enter that business income and those expenses in the section and instructions included in the FAQ below:

https://ttlc.intuit.com/replies/4800425

View solution in original post

1 Reply
LeeM
New Member

I only received lost wages, a workers comp settlement in 2016 how should I file

You should not need to report the lost wages since they were a worker's compensation settlement. 

Workers' compensation benefits are not normally considered taxable income on your federal or state return. There is an exception when you receive both workers’ compensation and Social Security (or Railroad Retirement) benefits and part of your workers' compensation reduces your Social Security, that part may be taxable.

As far as your other income, you would need to claim all income and the expenses incurred for that "self-employed income".

You can review how to enter that business income and those expenses in the section and instructions included in the FAQ below:

https://ttlc.intuit.com/replies/4800425

View solution in original post

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