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Posted by Danny 2 years ago In:

Danny
Danny Asked:

I had to retire at 60 due to a total disability ...

I had to retire at 60 due to a total disability.  As part of the workers comp suit I obtained enough time to be vested for retirement with RSA eventhough I did not actually work the time.  If I activate the monthly benefit of $500 do I have to pay tax on it since it is proceeds from a law suit?  

Also, I am on Medicaid.  Does this additional income count toward qualifying for Medicaid?  I am getting SSDI of $800/mo.

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Answers

Colo Bob
Colo Bob Answered:

Danny, Some of your questions are state dependant.  As I understand it, the retirement will be taxed as any other retirement would be taxed no matter how you got it.  The retirement income would also have to be reported as income to medicaid.  If you won in BWC suit aren't you receiving income from state for that incurred disability?

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