answersLogoWhite

0


Best Answer

Strange as it may seem, the Federal tax laws apply to residents of Iowa too!

Basically, if the payment is to replace the income you lost (rather than say a body part, like an arm or leg), as the income would have been taxable had you worked for it, the receiving it by the plan is also taxable.

User Avatar

Wiki User

βˆ™ 16y ago
This answer is:
User Avatar
More answers
User Avatar

Wiki User

βˆ™ 13y ago

No. Money 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 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.

This answer is:
User Avatar

User Avatar

Wiki User

βˆ™ 13y ago

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.

If part of your workers' compensation reduces your social security or equivalent railroad retirement benefits received, that part is considered social security (or equivalent railroad retirement) benefits and may be taxable. For a discussion of the taxability of these benefits, see Other Income under Miscellaneous Income, later.

Go to the IRS.gov web site and use the search box for Publication 525 Taxable and Nontaxable income

This answer is:
User Avatar

User Avatar

Wiki User

βˆ™ 13y ago

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.

If part of your workers' compensation reduces your social security or equivalent railroad retirement benefits received, that part is considered social security (or equivalent railroad retirement) benefits and may be taxable. For a discussion of the taxability of these benefits, see Other Income under Miscellaneous Income, later.

Go to the IRS gov web site and use the search box for Publication 525 Taxable and Nontaxable income

This answer is:
User Avatar

User Avatar

Wiki User

βˆ™ 9y ago

In the state of Kansas, workmen's compensation benefits are not taxable. They are not taxable on either the state or federal level.

This answer is:
User Avatar

User Avatar

Wiki User

βˆ™ 15y ago

No it is not, nor are weekly or bi-weekly benefits paid.

This answer is:
User Avatar

User Avatar

Wiki User

βˆ™ 17y ago

YES!!!!!!!!!!!1111

This answer is:
User Avatar

User Avatar

Wiki User

βˆ™ 16y ago

it is

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Do you have to pay income taxes on workers comp settlement in Georgia?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Do you pay taxes on workers comp settlement in La?

Workers Compensation benefits are completely non-taxable for federal income taxes.


You receive a settlement from a law suit Is that income subject to Federal or State income taxes?

It depends what the issue of the case is about. If the settlement is in a personal injury lawsuit, there are no taxes. This money is strictly compensation for physical injuries. If the settlement is for back-pay or loss of income lawsuit, then there probably will be taxes.


Who collects state income taxes in Georgia?

The Georgia Department of Revenue. http://www.etax.dor.ga.gov/


Who collects Georgia's state income taxes?

The Georgia Department of Revenue. http://www.etax.dor.ga.gov/


Workers comp settlement during divorce I received half of my ex husbands workers comp settlement as part of our divorce Do I need to claim this on my taxes?

The general rule would be that a settlment that is to replace income (compared to reimbursing for a loss of something, say eyesight), is taxable income. (Presumably on the grounds that the income it is compensating for would have been taxable, where as reimbursement for a loss wouldn't be). Certainly best to see the specifics of this settlement. I don't believe the fact half of it is assigned to you is really relevant.


If you receive a workers comp settlement but owe back taxes will they take your settlement away?

They won't take your settlement away but you should pay some of what you owe on your back taxes. This won't happen automatically.


Does a person drawing workers comp have to file taxes?

If worker's compensation is your only income for you and your family then no you don't have to file taxes. Worker's Compensation is not taxable on Federal Income Taxes.


You only made 465 when you were living in Georgia then you moved back to South Carolina do you have to pay taxes on the Georgia income?

The law requires that you report all income earned. This means that you will have to report the $465 to Georgia and pay any necessary taxes.


Can medical bills from an accident be claimed on taxes if there was a settlement?

Not if the settlement is medical expenses is more than the actual medical expense were. If the expense have already been deducted on your income tax return and you receive a settlement after that then you will have some recovery income that will have to be reported as income on your income tax return.


What is the primary source of income for counties and municipalities in Georgia?

Property taxes


What of the following is an example of a tax collected by the state of Georgia?

individual income taxes


Do you pay tax on labor in Georgia?

Yes its like 5% taxes for labour workers