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Are workers compensation payments taxable to me if that is my only income and I have 4 kids?


ANSWER


The BIDaWIZ Team's Answer:

Per IRS publication 525, 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. Therefore, you wouldn't owe taxes on this income.

The BIDaWIZ Team

 

 

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