My clients often ask me “Are my workers’ compensation benefits taxable?” The answer is no. You will not receive a 1099 or Form W2 from the insurance company because taxes aren’t due on workers’ compensation benefits or settlements.
However, tax laws do change. So you need to make sure that you consult your tax professional about taxes in any year in which you receive workers’ compensation benefits or a settlement.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
© 2024 All Rights Reserved.