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.
Wyoming Compensation for Injuries or Sickness IRS Code 104
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Hear this out loud PauseSection 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) ...
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) ...
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 does not limit the exclusion to personal physical injury. It also allows for nonphysical injury from damage to reputation.
Hear this out loud PauseSec. 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).
Hear this out loud PauseSection 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 ...
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.