Statutory Guidelines [Appendix A(1) IRC 104] regarding compensation for injuries or sickness under workmen's compensation acts, damages (other than punitive damages), accident or health insurance, etc. as stated in the guidelines.
Ohio Compensation for Injuries or Sickness IRS Code 104
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Compensation money awarded for visible injuries is considered tax-free, so there is no need to include these settlements in your yearly tax report. As mentioned, settlement awards from personal injury lawsuits that demonstrate "observable bodily harm" are not taxable by the IRS.
In addition to wages, salaries, commissions, fees, and tips, this includes other forms of compensation such as fringe benefits and stock options. You should receive a Form W-2, Wage and Tax Statement, from your employer showing the pay you received for your services. Childcare providers.
If you receive compensatory damages as a result of a physical injury, the money is generally not taxable. However, punitive damages are intended to punish the defendant rather than to compensate you. This is taxable except in wrongful death cases.
For damages, the two most common exceptions are amounts paid for certain discrimination claims and amounts paid on account of physical injury. IRC Section 104 explains that gross income does not include damages received on account of personal physical injuries and physical injuries.
Section 104(a)(3) states that except in the case of amounts attributable to (and not in excess of) deductions allowed under ' 213 for any prior taxable year, gross income does not include amounts received through accident or health insurance (or through an arrangement having the effect of accident or health insurance) ...
The federal tax code addresses compensation received due to injury or illness in Section 1, Article 104. It sets out rules for compensation received as workers' compensation benefits and as damages received for personal physical injuries or physical sickness.
Taxable income includes wages, salaries, bonuses, and tips, as well as investment income and various types of unearned income.
Section 104 does not limit the exclusion to personal physical injury. It also allows for nonphysical injury from damage to reputation.