View Full Version : Money/Tax advice needed!!!
WillHin
04-26-2007, 03:01 PM
Ok, I've been involved in a law suit with work-comp for 5years and it finally ended a few months back. I was paid back pay from work-comp and now get my weekly check also. Everything paid to me was not taxable....I am a c-5 quad and my wife handles all my care, work-comp is now getting ready to pay her back pay for my care the last 5years and pay her monthly for my care from now on..My question is what would be the best way for work-comp to pay her the back pay without losing it all to taxes...See work-comp says they cant pay the money to me because my wife is not a licensed nurse,but they can pay it to her and she pay taxes on her income,which wont be a problem on 40k a year,but all this back pay shes going to get all at once and im worried taxes will take it all.......if anyone has any advice that might be helpfull it would be greatly appreciated...........Willie
ginamarie
04-26-2007, 03:06 PM
You might want to ask your workers comp attorney and they are not sure ask if they can direct you to a competent accountant who is knowledgeable in this area.
SCI-Nurse
04-27-2007, 11:44 AM
Your worker's comp attorney should be advising you on this. You have one, right?
Also, please think carefully about having your wife be your sole caregiver. Consider hiring some outside help at least part time to give her a break. It is great she has stuck with you, but give her a break and let her just be your wife, and you may find it helps to keep your marriage together.
(KLD)
Your worker's comp attorney should be advising you on this. You have one, right?
Also, please think carefully about having your wife be your sole caregiver. Consider hiring some outside help at least part time to give her a break. It is great she has stuck with you, but give her a break and let her just be your wife, and you may find it helps to keep your marriage together.
(KLD)
I find that you should ask the attorney for your case as to who they would recommend as a compentent tax adviser in the matter if their firm do's not provide such a service.
As in most cases the attorney would have a basic idea but not a good one becuase it is generally not their full area of expertise, but you may find that they may know of a persons or firm that do's.
As far as the care go's thats up to you but both me and my wife have handled our care for around twenty years with the one or two carers now and then. It all depends upon your finance, whether your wife do's other work etc.
We find the intrusion of someone else anoying, and avoid it if we can but in twenty mores I do see us having a carer.