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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

1,848 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

30,026 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
My daughter worked the full year in 2016 and her husband had

My daughter worked the full year in 2016 and her husband had no income for that year. I put in the amount of her child care expenses but it is not showing on line 214 for deductions under child care expenses on her return. (using turbotax) why is that and is it somehow being deducted but just not showing?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: she has two dependents; also has medical expenses with I inputed

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Robin D.

Vocational, Technical or Trade School

24,938 satisfied customers
One of our employees is on H-1b status (started working with

One of our employees is on H-1b status (started working with us in April of 2016). We were advised by our accountant that since this person is on H1-B status, we don't need to deduct social security and medicare from his salary.As our employee is confirming his H1-B status with immigration services, he was advised by a lawyer and different accountant that Social Security and Medicare should have been withheld on his W-2 for 2016.My question is: is it required to withhold Social Security and Medicare from H1-B employees? If so, can we fix his W-2 for 2016 (withhold proper amounts for social security and medicare) , even though this person's tax return has already been filed?

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Robin D.

Vocational, Technical or Trade School

24,938 satisfied customers
I am a dentist in Oklahoma who is selling his practice. I

I am a dentist in Oklahoma who is selling his practice. I have a Professional Corporation that has a Profit Sharing Plan. My employee's will transfer their portions out shortly after the sale of the equipment and good will. I am the administrator of the plan and would like to keep it open. My agreement with the buyer requires I not compete within 15 miles. I'm 71 years old. Can I keep the Plan open indefinitely.JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: OklahomaJA: Has anything been filed or reported?Customer: Only my usual annual filings to the IRSJA: Anything else you want the lawyer to know before I connect you?Customer: Can I keep my Plan open if I don't file numbers on the Corp. tax form each year?

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Matthew Breecher

President

MBA

42 satisfied customers
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