Are Workers’ Compensation Benefits Considered “Taxable Income?”

 

It is that time of year again. The deadline for filing personal income tax returns is fast approaching and the dreaded April 15th deadline will be here before we know it.  If you have received workers’ compensation benefits, you may wonder whether the income benefits that you have received need to be reported as taxable income. The good news is that, generally speaking, workers’ compensation benefits are not considered taxable income. Accordingly, Injured Workers are not required to report workers’ compensation benefits on their W2s or other tax documents.

There are certain exceptions to this general rule, however.  Specifically, if an Injured Worker has received Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) certain tax implications may be involved.  If you have any questions regarding the specific nature of the tax implications involving either SSDI or SSI benefits, it is recommended that you contact a tax professional.

Have you or a loved one been involved in a workplace accident?  It is important that you contact an attorney who specializes in workers’ compensation in order to ensure that your rights are adequately represented.  Contact the attorneys at Dan Chapman & Associates.  We offer free case evaluations and collect no fees unless you win!

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