Legal Question in Workers Comp in Ohio
Ohio BWC Settlement
Will this affect my social security and my medicare benifets. And will I have to pay taxes on this money.
Asked on 3/06/07, 8:37 am
1 Answer from Attorneys
terrance mcgonegal
lonas,mcgonegal,tsangeos &struhar
Re: Ohio BWC Settlement
Settlement money is not subject to Federal,State or Municipal income tax. The amount of the settlement may impact your social security depending on your age and or the type of benefits you get.Are you over the age of 65? Do you receive SSD or retirement- longevity benefits? The medicare benefits can be affected as well.What is the amount of the settlement offer? What are the allowed conditions? What is the year of the injury? How much money have you received to date and how much money has the BWC or self-insured employer paid your medical providers?
Answered on 3/06/07, 11:45 pm