Saturday, March 3, 2012

Is my comp taxable?

Generally speaking,  New York Sate Workers' Compensation Benefits are not taxable. There are situations where because you receive combinations of benefits, such as Social Security Benefits and New York State Workers' Compensation Benefits,  that may effectively create a taxable event.  If your other form of benefit is reduced by the compensation payment this can in some instances create a tax on the amount of the credited reduction. It is best to consult your tax adviser when considering tax questions.

Eliot S. Levine & Associates
Attorneys at Law
1455 Veterans Highway
Hauppauge, New York  11749
Telephone: (631) 234-5484
Fax: (631) 234-5561

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