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If I have been on Workers Comp all year and have drawn tax free money, how do I file my taxes?

Workers Compensation Law Discussion

If I have been on Workers Comp all year and have drawn tax free money, how do I file my taxes?

Postby tupac » Fri Feb 24, 2012 3:10 am

I know I am not taxed for Workers Comp compensation but I have paid for many other medications and other deductibles. I need to file taxes just to show a return for 2011 for any type of credit situations or purchases that may need to see my income for 2011. Can anyone tell me what I need to do to have a record of my 2011 income? Thanks in advance!
tupac
 
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If I have been on Workers Comp all year and have drawn tax free money, how do I file my taxes?

Postby ruelle » Fri Feb 24, 2012 3:16 am

I know I am not taxed for Workers Comp compensation but I have paid for many other medications and other deductibles. I need to file taxes just to show a return for 2011 for any type of credit situations or purchases that may need to see my income for 2011. Can anyone tell me what I need to do to have a record of my 2011 income? Thanks in advance!
Your record for year 2011 is the summary of the workers compensation you have received. You need not file a tax return if this is the only source of income. Keep your records to show the funds you have received, the source of the funds you have received and the expenditures in categories such as medications, doctor visits, accessories you may have bought per your doctor's recommendations.
Record keeping is key and with good records there will be no questions as to why you did not file.
Be aware you may receive a letter later on during the year asking why you have not filed and you will be able to answer what you wrote mainly you only have workers compensation and therefore none of it is taxable income.
ruelle
 
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If I have been on Workers Comp all year and have drawn tax free money, how do I file my taxes?

Postby ear » Fri Feb 24, 2012 3:24 am

I know I am not taxed for Workers Comp compensation but I have paid for many other medications and other deductibles. I need to file taxes just to show a return for 2011 for any type of credit situations or purchases that may need to see my income for 2011. Can anyone tell me what I need to do to have a record of my 2011 income? Thanks in advance!
Your record for year 2011 is the summary of the workers compensation you have received. You need not file a tax return if this is the only source of income. Keep your records to show the funds you have received, the source of the funds you have received and the expenditures in categories such as medications, doctor visits, accessories you may have bought per your doctor's recommendations.
Record keeping is key and with good records there will be no questions as to why you did not file.
Be aware you may receive a letter later on during the year asking why you have not filed and you will be able to answer what you wrote mainly you only have workers compensation and therefore none of it is taxable income.
You're right that you don't report worker's comp as income. But you don't get a refund either for items that might be deductible if you had reportable income. Unless you are eligible for the refundable part of the American Opportunity education credit, there's no reason to file.
ear
 
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If I have been on Workers Comp all year and have drawn tax free money, how do I file my taxes?

Postby gowan » Fri Feb 24, 2012 3:31 am

No taxable income no filing. There is no income to offset the "deductibles"
gowan
 
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If I have been on Workers Comp all year and have drawn tax free money, how do I file my taxes?

Postby edin » Fri Feb 24, 2012 3:44 am

No taxable income no filing. There is no income to offset the "deductibles"
no income, no need to file at all, nothing is accomplished against a 0 income
edin
 
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If I have been on Workers Comp all year and have drawn tax free money, how do I file my taxes?

Postby max » Fri Feb 24, 2012 3:55 am

You can get a letter fro the IRS that indicates you had no need to file. You can'd deduct medical expenses, there is nothing to deduct them from....
max
 
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