Posted: 1/27/2012 9:12:58 PM EDT
Alright fellas I am seriously a n00b when it comes to taxes, so I'll throw in a preemptive, "You're right I'm a moron and I should go throw myself off a bridge."  I got my W2 from work and need to do my taxes BUT I also had 2 months off due to a work injury and don't know where to claim the $$$ I received from Workers Comp. After wading through B.S. yahoo/google answers I really want to make sure I get this right. I formally throw myself upon the mercy of Arfcom, may the Tax God that surely lurks here see this thread!!!! Thx, BludFan  |
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If you use turbo tax it will ask you about it and fill it out appropriately. If you're doing it on your own, just read the IRS docs for the 1040 and it will tell you.
ETA: 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.
More at link Link |
