After an accident at work, there are plenty of stresses to deal with. Lost working time, concern over lost wages, doctor appointments, and simply taking care of life while injured are all challenges. The last issues that you want to deal with at times like these are detailed paperwork and the workers’ compensation claim process red tape.
When you’re recovering from a workplace injury, you need your questions answered quickly and accurately. Your expert workers’ comp injury lawyer is here to provide the help you need. In this guide, we’ll share info on one of the most common questions we receive about work injury cases.
If you have additional questions or would like advice about your specific situation, feel free to reach out to us anytime. Thompson Law is always at the ready to take your call and help you get on the path to healing and financial recovery.
The short answer is: workers’ compensation settlements are not taxable in Texas. Per the IRS, you are not required to pay tax on the funds you receive from your workers’ compensation settlement. This is also true if you are the beneficiary of a payout after a loved one was killed in a workplace accident.
Are there any exceptions to this claim? Unfortunately, yes. There are some complicating factors in cases where your workers’ compensation funds are included in a retirement package, and in cases where the individual is also a recipient of Social Security disability insurance (SSDI) or Supplemental Security Income (SSI). If this is your situation, reach out to an expert for guidance, because your workers’ compensation settlement may be decreased due to income regulation for these programs.
Consulting a workers’ compensation attorney like Thompson Law about your specific situation is something you will not want to delay. Failing to report required income on your federal tax returns can have extremely serious consequences. It’s important to be sure you are accurately capturing your taxable income.
Workers’ Compensation in Texas has a troubled history. Still today, Texas is the only US state that does not require companies to offer workers’ compensation to employees. Since the 1917 US Supreme Court decision mandating the offer of such coverage, Texas employers have only needed to opt-in when they enter a building contract or construction contract with a government organization or entity.
While the structure of workers’ compensation benefits has been criticized, there is value in providing financial support to individuals who are hurt in the course of doing their job. The most common workplace injuries include:
Many injuries stem from similar types of workplace hazards. OSHA’s “Fatal Four” are the deadliest, and some of the most common, injury cause on job sites each year:
The Texas Department of Insurance has a comprehensive resource page that includes information about benefits, calculation instructions, and definitions, along with important links. This page is a great starting point to see how the program and coverage operate in our state and get a basic understanding of what you may be entitled to receive.
It is important to mention that you should communicate with your employer right away if you intend to file a workers’ compensation claim. Some companies have helpful channels through Human Resources that can assist with the filing process. Whether or not this is the case with your employer, it is beneficial to speak with your own work injury lawyer. This way, you can be certain that your best interests are represented, without concern of mixed motivation or conflict of interest.
Thompson Law is here to help you with your workers’ compensation claim. Our firm works on a contingency fee basis. This means you don’t owe us a penny until we win your case. Our goal is to take the stress off your shoulders in every way we can during the claim process so that you can focus on what is important: recovery.
Workers’ Compensation was designed to help people who suffered a workplace injury by fairly allowing them paid leave, compensation, and redress for the event. You are protected from punitive or harassing actions from your employer when you file a workers’ comp claim. They cannot fire, demote, threaten, or harass you in any way for your choice to file. If any negative actions do happen as a result of your decision, reach out to a qualified attorney right away for help.
A workers’ compensation settlement can provide a sense of closure about a negligent or careless act that left you hurt, upset, and uncertain about your physical and financial security. Having the peace of mind and the financial wherewithal to focus on your recovery is critical. Be sure to protect yourself by speaking with an expert workers’ compensation attorney right away.
Thompson Law can help. Our expert staff is here to help in the times when you and your family need us most. We are driven to provide the absolute best possible case results while delivering a 5-star client experience throughout the entire claim and case process.
The attorneys and legal experts at Thompson Law team have a breadth of experience in personal injury law, insurance industries, and the medical field. Founding Partner, Ryan L. Thompson, has built a team of elite legal professionals who are uniquely equipped to fight your case with tenacity and passion. For the personal injury help, you need right now, reach out to the number below, or call the fours!
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The State of Texas has a statute of limitations of two (2) years for personal injury cases, so if you have suffered injury and pain after a workplace accident, consult with an experienced personal injury attorney. The sooner you know your options, the sooner you are on the path to recovery and your deserved compensation.
Call Thompson Law right away for assistance with your injury and claim. We will be happy to answer your call or web inquiry right away and can provide you with information, options, and advice – completely risk-free and at no cost to you.
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Thompson Law charges NO FEES unless we obtain a settlement for your case. We have put over $1.9 billion in cash settlements into our clients’ pockets.
Contact us today for a free, no obligation consultation to discuss your accident, get answers to your questions, and understand your legal options. State law limits the time you have to file a claim after an injury accident, so call today.
