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Thread: Income Tax

  1. #1
    Join Date
    Apr 2008
    Posts
    308

    Default Income Tax

    My workers compensation claim was made in the State of: NC

    First off, want to thank BViA for his post, the information, the other person was giving did not seem right, thanks for clarrifying. I had a question, in addition to w/c benefits I received approximately $20,000 between ssdi and short term disability, my wife, also disabled received about $10,000 in ssdi. We are below the $32,000 earned income as a couple, but have three children 20, 16, 14 and paid out-of-pocket $8,500 in doctor bills. Should I file taxes for 2007, would appreciate some input.

  2. #2
    Join Date
    Feb 2007
    Location
    Calif
    Posts
    18,011

    Default Re: Income Tax

    Should I file taxes for 2007, would appreciate some input.
    Yes, you should file an amended return for 2007, and definately file for 08 . There is no one standing there waiting to see if you are going to file, if you are entitled to any benefits provided by the federal government due to your qualifying dependants, even if you don't have substantive earnings, they aren't going to know about this UNLESS you file a return.

    You should be able to do this yourself, or use a low cost service like H&R Block or the like... but DO FILE.

  3. #3
    Join Date
    Mar 2008
    Location
    california
    Posts
    110

    Default Re: Income Tax

    Hi there, sorry for jumping in but I'm from CA and for most of '08 (about 9 months) I received ttd. My question is do I have to claim that as income on my tax return?

  4. #4
    Join Date
    Feb 2009
    Location
    Virginia
    Posts
    16

    Default Re: Income Tax

    Quote Quoting RGN020157 View Post
    My workers compensation claim was made in the State of: NC

    First off, want to thank BViA for his post, the information, the other person was giving did not seem right, thanks for clarrifying. I had a question, in addition to w/c benefits I received approximately $20,000 between ssdi and short term disability, my wife, also disabled received about $10,000 in ssdi. We are below the $32,000 earned income as a couple, but have three children 20, 16, 14 and paid out-of-pocket $8,500 in doctor bills. Should I file taxes for 2007, would appreciate some input.
    Hi there,

    I'm no expert, but have been filing my own taxes for the last few years to save money and have learned a few things as I go along. Don't know if you're aware of this, but you can probably itemize since you have a lot of medical expenses you paid out-of-pocket and don't forget to get a printout of your prescriptions from your pharmacy for yourself and your dependents. You can also use those. If you are still paying on a mortgage ( like most of us ) then you can also deduct the mortgage interest, which alone is usually enough for you to itemize. Oh, you can also usually deduct insurance premiums for yourself and dependents, which can be staggering when added up. In addition, usually any medical provider expenses for yourself, spouse, and dependents....dentist, chiropracter, physical therapist, etc. if you paid these out-of-pocket. I usually purchase the H & R Block software which comes with a federal and state download and free federal e-file. I think this one is called the "premium" version. But, if you aren't sure or are uncomfortable with filing your own taxes then I suggest you go to a tax professional. It may be more expensive, but if they can get you a substancial refund then it would be worth it. Most will even deduct their fees from your refund, so you don't have to pay up front for their services. Hope this helps. Best of luck

    D.

  5. #5
    Join Date
    Feb 2007
    Location
    Calif
    Posts
    18,011

    Default Re: Income Tax

    Workers Compensation benefits are NOT taxable...you receive NO W-2, NO 1099 and there is NO line on a tax form to enter WC 'income'...

    The TTD you receive is 2/3's of your average weekly wage and other than very high max wage earners that amount is usually around the same amount as your net take home pay....(note that I said 'usually' and for the exception of max wage earners where TTD doesn't come close to covering 66% of your AWW)

    If you have dependants you should file your tax returns because you can't get any benefit of the gov't entitlements unless you file.

  6. #6
    Join Date
    Apr 2008
    Posts
    308

    Default Re: Income Tax

    Thanks for the information. I have been using turbo tax since 2004 and have been satisfied with the results and ease of doing the taxes myself. Just wasn't sure if I should file, though I was leaning more to yes side of things. Thanks to all who responded.
    Last edited by RGN020157; 02-12-2009 at 02:29 PM.

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