Help In MN, Need to Know about Taxes?

[Dirtydawg69]

Hi all, Thanks ahead for any Info and or help.Last year The only income I had was LTD payments 1-1 thru 4-1 and I had to wipe out my 401k to keep up with the rapidl mounting Dept, I had the Taxes taken out of it upfront so I wouldn't have to pay in a buttload at tax time. My question is How do I go about getting my Taxes done, I'm a 42yr old Construction guy with no Tax experiance, My best freinds Mom did them untill 2010 but she moved 1200 miles away, Should I go to like hewit or one of the other tax professional or could I do it with Turbo Tax or such? Any Help, Comments, sudgestions greatly appreciated. Todd

[1171]

per the US Internal Revenue Code work comp payments are not reported as income so not taxed.
"...gross income does not include—
(1) amounts received under workmen’s compensation acts as compensation for personal injuries or sickness; ..."

http://www.law.cornell.edu/uscode/html/u...-000-.html

[UndercovrAngel]

Dawg,

You should have received forms from your LTD ( I take it that it was disability insurance and not work comp insurance) as well as on from the 401K showing what you paid in taxes if anything (I was never taxed on LTD even when I took a buy out).

You wouldn't have to claim work comp.. nor LTD. But if you used your 401k there are laws that govern how that is used for income tax refunds. If you are unsure of how to file, I would take it to a tax preparer. Or, if you are considered low income, you can contact your welfare dept and they have a company that should do it for you for free. If you had no taxable income, there is no reason to file, unless you have children under 17 in the home and want to claim the EIC.

Angel ^j^

[Cervical_Fusion]

Dawg it depends on how your LTD was paid, that will determine if you have to paY taxes on it. You should receive a 1099 if it is taxable. Also your 401k, they should provide you with a 1099 showing how much you paid in taxes. Back to your LTD if you paid the premiums by your self then it is not taxable. If your employer contributed any monies toward the premiums then only the part your employer paid would be taxable. Hope this helps.

[trex]

Have you tries the MN workers comp hotline? They've been extremely helpful to me so I'm sure they could answer your questions.

[Dirtydawg69]

Would you Happen to have the Phone number?? Thanks, TODD