Statutory Guidelines [Appendix A(1) IRC 104] regarding compensation for injuries or sickness under workmen's compensation acts, damages (other than punitive damages), accident or health insurance, etc. as stated in the guidelines.
North Dakota Compensation for Injuries or Sickness IRS Code 104
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There are two types of compensatory damages: special damages and general damages. Special damages include economic losses, such as lost wages and medical bills. General damages cover intangible losses, such as pain and suffering or loss of consortium. Typically, compensatory damages cannot be taxed.
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.
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.
Section 104(a) provides an exclusion from gross income with respect to certain amounts described in paragraphs (b), (c), (d) and (e) of this section, which are received for personal injuries or sickness, except to the ex- tent that such amounts are attrib- utable to (but not in excess of) deduc- tions allowed under ...
Section 104 does not limit the exclusion to personal physical injury. It also allows for nonphysical injury from damage to reputation.
Section 104(a)(3) states that except in the case of amounts attributable to (and not in excess of) deductions allowed under ' 213 for any prior taxable year, gross income does not include amounts received through accident or health insurance (or through an arrangement having the effect of accident or health insurance) ...
Punitive damages are not excludable from gross income under IRC § 104(a)(2), regardless of whether received in connection with a physical or non-physical injury or sickness. Indeed, punitive damages are taxable?with one exception. I.R.C.
Section 104(a)(3) states that except in the case of amounts attributable to (and not in excess of) deductions allowed under ' 213 for any prior taxable year, gross income does not include amounts received through accident or health insurance (or through an arrangement having the effect of accident or health insurance) ...