Join the 9 million people who found a smarter way to get Expert help

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?

Read more

Arthur Rubin

Doctoral Degree

star-full
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.

Read more

Megan C

Master's Degree

star-full
29,944 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?

Read more

wm030303

Partner

Bachelor's Degree

star-full
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.

Read more

MequonCPA

CPA Firm Owner

Master's Degree

star-full
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?

Read more

Marvin,EA

Enrolled Agent

Bachelor's Degree

star-full
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.

Read more

Merlo

Tax Consultant

star-full
558 satisfied customers
We are a wife and husband owned company with only ourselves

Hello, We are a wife and husband owned company with only ourselves as employees. We live and do business in the state of Florida. The FL state audited our S-Corp and reclassified a good portion of our distributions ($46,631.80) as salary. Please view questions:1. I am about to send in the 941x and 940x to the IRS. I saw mention of a 941-B does that apply to us?2. I believe I also have to revise W-2s? Do I need to revise W-3?3. Do I need to or should I amend the 1120s and 1040?? If I amend these will we pay less on those to counter balance the additional amount that we will now owe?4. Since we were audited by State and not Federal does this help us any in requesting any late fees/penalties to be waived??5. At this time when I submit the forms we can not pay all that we will owe. If I make a partial payment will the IRS then bill us?6. Finally someone mentioned that just because State reclassified and we owed them zero that we do not have to revise Federal until they would audit.. that seems incorrect? Am I correct?We are in-between accountants right now.. however I do know how to amend all forms and file all taxes.Thank you for your assistance!! Michelle

Read more

Mark Taylor

Certified Public Accountant

Masters

star-full
432 satisfied customers
My mother has a policy with Met Life which is going to be

My mother has a policy with Met Life which is going to be usedJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: for her funeral expenses. The funeral home is not familiar with 1035 formJA: Is there anything else important you think the Accountant should know?Customer: in order that her life insurance policy can be transferred to another type of life insurance allowing the State of Illinois funding.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,808 satisfied customers
How does the IRS calculate the tax on a capital gain/profit

How does the IRS calculate the tax on a capital gain/profit made by selling shares of a foreign company in the same country as the foreign company? In other words, if I made the equivalent of $US X in country Y by selling the stock I own in company Z (which is located in country Y), what percentage of that $X will I need to pay to the IRS?

Read more

star-full
594 satisfied customers
View more tax questions
In The News