Statutory Guidelines [Appendix A(2) Tres. Reg 104-1] regarding compensation for injuries or sickness under workmen's compensation acts, damages, accident or health insurance, etc. as stated in the guidelines.
Florida Compensation for Injuries or Sickness Treasury Regulation 104.1
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Amendment: Act section 1605(b) of the Small Business Job Protection Act of 1996 (P. L. 104-188) amended Code section 104(a) by striking the last sentence and inserting the following new sentence: "For purposes of paragraph (2), emotional distress shall not be treated as a physical injury or physical sickness.
The federal tax code addresses compensation received due to injury or illness in Section 1, Article 104. It sets out rules for compensation received as workers' compensation benefits and as damages received for personal physical injuries or physical sickness.
IRC Section and Treas. For damages, the two most common exceptions are amounts paid for certain discrimination claims and amounts paid on account of physical injury. IRC Section 104 explains that gross income does not include damages received on account of personal physical injuries and physical injuries.
(b) Amounts received under workmen's compensation acts. Section 104(a)(1) excludes from gross income amounts which are received by an employee under a workmen's compensation act (such as the Longshoremen's and Harbor Workers' Compensation Act, 33 U.S.C., c.
Section 1.104-1(d) states that if an individual purchases a policy of accident or health insurance out of his own funds, amounts received thereunder for personal injuries or sickness are excludable from his gross income under ' 104(a)(3).
The IRS has defined personal physical injury or sickness requires an ?observable bodily harm? such as bruising, cuts, swelling and bleeding. See IRS Private Letter Ruling 200041022. In contrast, emotional distress generally includes any physical or psychological distress.
(b) Amounts received under workmen's compensation acts. Section 104(a)(1) excludes from gross income amounts which are received by an employee under a workmen's compensation act (such as the Longshoremen's and Harbor Workers' Compensation Act, 33 U.S.C., c.
Sec. 104(a)(2) states that damages awarded as part of a settlement or judgment can be excluded from gross income if they are ?on account of personal physical injuries or physical sickness.? Emotional distress is not itself treated as a personal physical injury or physical sickness for this purpose under Sec. 104(a).