Hi my name is Kim Wyatt and I am the Managing Attorney of the Workers’ Comp Department here at Bailey & Galyen. I have two topics to discuss today briefly, Workers’ Comp Benefits and the IRS and Lifetime Medical Benefits
A lot of you have received Workers’ Comp checks over the year throughout 2020. You may be wondering at this time how does that apply to your tax forms or do you have to claim it? With Work Comp benefits you do not need to claim them with the IRS they are wages that don’t need to be documented so don’t worry about having to figure out if you are going to get some type of tax form at the end of year regarding all the money benefits you’ve received.