Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-29-2011, 09:46 AM
Junior Member
 
Join Date: Jan 2011
Posts: 3
1040x ??

I had a workman's comp case that was just settled the only problem was that my former employer claimed I missed 5 weeks of work due to my injury for a total of $5769.75 in wages and they got that amount reimbursed out of my total winnings. I only missed 4 days of work due to injury and I could of fought my former employees claim but I let it go due to many more months of dealing with the insurance company and the lawyer told me to file a 10W-40X form and deduct it on my 2009 taxes. My question is is the $5769.75 amount worth filing again meaning would I get anything back and would I have to pay again to refile ? I hope I made sence and thanks for your time !



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-29-2011, 06:27 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,231
“I had a workman's comp case that was just settled the only problem was that my former employer claimed I missed 5 weeks of work due to my injury for a total of $5769.75 in wages and they got that amount reimbursed out of my total winnings. My question is is the $5769.75 amount worth filing again meaning would I get anything back and would I have to pay again to refile ?”--->I guess this more or less legal or moral issue. You need to contact your attorney for legal help or solution. Needless to say, if your employer reimburses you, $5,769.75 , then you do not need to file your amended return, 1040X. Why should you file amended return?? As you can see, you don't pay tax on workers compensation received by you or your survivors for job related sickness or injuries paid under a workers compensation act or workers compensation statute in the nature of a workers compensation act.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 04-29-2011, 06:44 PM
Junior Member
 
Join Date: Jan 2011
Posts: 3
Wnhough,
Thanks for your reply, I know one of my options was to ask my employer for the money but I already know the answer without asking. I am concerned for futer references etc so I was going to explore filing the 1040X and see what I get out of it. Thanks again !



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 04-29-2011, 07:47 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,231
"I am concerned for futer references etc so I was going to explore filing the 1040X and see what I get out of it."---> What I mean is that since you don't pay tax on workers compensation received by you or your survivors for job related sickness or injuries paid under a workers compensation act on your tax return( as the benefits are tax free), you CAN’T claim any deduction or credit on it on your amended federal return.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #5 (permalink)  
Old 04-29-2011, 07:54 PM
Junior Member
 
Join Date: Jan 2011
Posts: 3
I understand now, thanks for your help !



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Additional Income, Need to file 1040x jdedad Income 1 02-15-2011 01:00 AM
1040x EIC help Mwill75 Miscellaneous 1 07-06-2010 03:49 PM
how to file a 1040x pscomputerguy Miscellaneous 1 06-06-2010 10:59 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning