You don't pay tax on workers compensation received by you or your survivors for job related sickness or injuries paid under a workers compensation act or workers compensation statute in the nature of a workers compensation act.
The tax exemption on your tax return does not apply to retirement plan benefits you receive based on age, length of service, or prior contributions to the plan, even though you retired because of an occupational sickness or injury.
If your employer continues to pay your regular salary or wages and requires you to turn over your workers compensation benefits you are taxed on your tax return on the overage that was paid to you by your employer.
The part of your workers compensation that reduces your social security benefits or equivalent railroad retirement benefits is considered social security benefits and may be taxable on your tax return under rules for those types of income. Accordingly, your workers compensation may be indirectly subject to tax on your tax return.
But, if your employer requires you to sign your checks over to them and continues to pay you, you will pay taxes as they will report the wages paid to you and the taxes withheld from those wages on your W-2. Some employers only supplement with accrued leave time with the employee receiving the worker's comp checks. That is the only sure way to have your WC benefit non taxable.
Do i need to file income taxes ,workmens comp did not send me a 1099? I did not file last year 2007 because i asked workmens comp. for a 1099 they did not send ...so i assumed i did not need to file. Can i file both years?
Workers comp is a benefit associated with workplace inuries, not with lack of work. Employers never file for WC, injured employees do.
Yes you must file a tax return, reporting all income from whatever source.
The answer is no!
File free OK state income tax return
There is no age limit on the requirement to file and income tax return. As long as you have more income than the filing threshold, you will be required to file a return, no matter what your age.
If you want to file a tax return YES you can. SSI (supplement security income) would not be taxable income that you would report on your 1040 income tax return. If you do NOT have any taxable worldwide income that you are required to report on your federal 1040 income tax return it would NOT benefit you to file a federal income tax return and you would NOT meet any of the MUST FILE A INCOME TAX RETURN requirement's. If you want to file a tax return YES you can.
You can file a income tax return if you WANT to if the only worldwide income that you have is the welfare income amount. IF you do NOT have any other worldwide income to be reported on the 1040 federal income tax return you would NOT be required to file a 1040 federal income tax return.
How much must I make in taxable income to have to file a return?
If you are a residentof Maine who is required to file a federal income tax return, you must file a Maine income tax return. If you are not required to file a federal return, but do have income subject to Maine income tax resulting in a Maine income tax liability, a Maine return must be filed. You do not have to file a Maine income tax return if you meet all of the following requirements: 1) your Maine taxable income is $2,000 or less, 2) you claim yourself as an exemption on your return, AND 3) you are not subject to the Maine Minimum Tax. However, you must file a return to claim any refund due to you.
Yes you could still file a 1040 federal income tax return but if you do not meet the MUST FILE A INCOME TAX RETURN and you do NOT have any income.
No reportable taxable income to be entered on a income tax return would be a good start of not being required to file a federal income tax return.