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Recent VA Disability Pension questions

In October 2010, my former employer, Dept. of Veteran Affairs,

In October 2010, my former employer, Dept. of Veteran Affairs, Office of Personnel Management notified me that due to backlog in disability retirement pensions, they overpaid me $52,000. Since then I pay $227.00 towards the overpayment. As a result of their over payment AND overpayment of SSI both left me owing $3900.00 to the IRS .In 2011 my former employer again did not withhold taxes. On the 1099 for taxable amount it always read UNKNOWN as it again does for tax year 2012. Every year since I've become disabled and unable to work I've been delinquent with taxes due to the backlog with the feds. I claim no exemptions through the year, auto deduct 15% taxes from my SSI . I'm paying @ 25% in federal taxes. If I already paid the taxes on the $52,000.00 in tax year 2010 can I deduct the amount I pay back each month (i.e., $227.00 x 24) for tax years 2011 and 2012?If yes, can I do both on my 2012 tax return or will I need an amended return for tax year 2011?

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Arthur Rubin

Doctoral Degree

1,740 satisfied customers
Hello, I am trying to help my brother who lives in Oregon

Hello,I am trying to help my brother who lives in Oregon file is taxes or see if he has any possible reund. I am using Turbo Tax. He is 53, divorced and only supports himself. He received a U.S. Veterans Pension of $1360 per month. He sid he did not get a statement of income from the Vets so I'm not sure how to report his income. Please advise.

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Megan C

Master's Degree

29,956 satisfied customers
I am working on an Offer In Compromise. My only assets are

I am working on an Offer In Compromise. My only assets are Cash $100; Travel trailer (my residence)$7,000; 94 ford F-250 $2200; Arctic Cat ATV $3,000; My only debt is to Veterans Admin $2800 @ #380/Mo; IRS $23,997 @ $578 per month; and student loans @ 173 per month. All payments are levys against my pension or soc sec. My income is soc sec of $1,117/ mo; Pension of $1521/mo of which I receive $457 after levies; and VA dis 0f $1228.Do I qualify for hardship? Must VA disabiltiy be included in income for OIC? Can I have the $578 reduced?

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wm030303

Partner

Bachelor's Degree

80 satisfied customers
Myself and a co-owner of a house and 2 acres of property in

Myself and a co-owner of a house and 2 acres of property in West Virginia are preparing to sell the property the first part of next year (2011). The property was purchased in June 2007 for $65,000. A $40,000 mortgage remains. We expect to sell the property for $75,000. After paying the realtor we expect to receive $70,000 minus the mortgage, netting around $30,000 which we will split. The question concerns capital gains. Are the capital gains paid on the $30,000 or on the $10,000 profit. In my present situation, my current income is $985 per month on a 70% VA disability pension which is non-taxable. Any money extra that I would earn is deducted from the VA payment. I am on the deed, but not on the loan. Do you think that it would be better to switch over and collect social security (65 yrs. old) at about $865 per month and drop the VA pension. It seems to me that my only tax liability initally would only be what ever amout that I make on the house.

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MequonCPA

CPA Firm Owner

Master's Degree

1,732 satisfied customers
I WORKED FOR VA. 1975-1998 WHEN I RETIRED WITH DISABLITY .

I WORKED FOR VA. 1975-1998 WHEN I RETIRED WITH DISABLITY . I STILL PAY TAXES ON MY RETERMENT. I AM NOW 58 WHEN IS EVER DO I STOP PAYING TAXES?. I HAVE NOT PAID INTO SC OR JUST A LITTLE BEFORE I WORKED AS A CIVIL SERVANT COULD I NOW BE REGULAR RETIRMENT CAUSE OF MY AGE? WOULD IT BE MORE MONEY AND HOW WOULD I DO IT?

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Marvin,EA

Enrolled Agent

Bachelor's Degree

968 satisfied customers
hi. i am a 60 year old in full time employment. i have, within

hi. i am a 60 year old in full time employment. i have, within weeks a frozen pension and a army pension paying out a cash lump sum. what is the max i can draw tax free, thanks.

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Merlo

Tax Consultant

558 satisfied customers
Is a private practice Licensed Professional Counselor

Is a private practice Licensed Professional Counselor considered a restricted business? I am not a psychologist, but a Licensed Counselor in PA.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am filing for an LLC and I am not sure how to answer the question asking if my business is a restricted business. I am a Licensed Professional Counselor - not a Psychologist.JA: Is there anything else important you think the Accountant should know?Customer: No - I don't think so.

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
NC real estate tax question: I own a condo with someone else

NC real estate tax question:I own a condo with someone else (unrelated), however i'm the only person on the mortgage note. I'm thinking about buying the other person off the title. I'm assuming this would be done with a quitclaim deed. What are the tax implications of buying their portion of the title for say $10,000 versus working out a situation where no cash in exchanged? From a tax perspective what do I need to know or consider?

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
My Mom is turning 90 years old. She needs to cash out a

my Mom is turning 90 years old. She needs to cash out a annuity policy that has about $67,000 in it. Her social security and pension income are less than $25,000 per year. Somewhere in the low 20's at best. How much Fed and State Tax should she ask them to take out. She lives in NJ. Need an estimated rate for her to use when completing the cash out...JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no. I just want her to fairly reasonable with the tax so that she does not owe much afterward.

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Dr. Fiona Chen

President

Ph.D.

250 satisfied customers
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