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?
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.
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?
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.
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?
I need to fill my income taxes form but I'm not pretty sure
I need to fill my income taxes form but I'm not pretty sure about what should I set for each section. I have these options:For Federal Taxes (Form W-4)SINGLEMARRIEDMARRIED WITHHOLD AT SINGLE RATENON-RESIDENT ALIENForm 673 SingleForm 673 MarriedForm 673 Married withhold at single rateWhich one of these is the expected one for me in my current status? I'm a non-resident alien with H1B visa and my wife is here under H4 visa.
Vocational, Technical or Trade School
I sought reimbursement from MY FSA account for reimbursement
I sought reimbursement from MY FSA account for reimbursement for Medicare Part B premiums that I paid post tax and was denied because of the IRS Publication 969 that says that health insurance premiums are not reimbursable: Publication 969 says you cannot receive distributions from your FSA for the following expenses:•Amounts paid for health insurance premiums.•Amounts paid for long-term care coverage or expenses.•Amounts that are covered under another health plan.However, Publication 969 also says that expenses listed in Publication 502 are qualified medical expenses for disbursement. Publication 502 says that Medicare part B premiums are qualified expenses so long as they are paid post tax.The code appears to be confused itself as to whether these premiums are reimbursable under FSA.
JD, MBA, CFP, CRPS
My girlfriend and I want to get married but we are concerned
My girlfriend and I want to get married but we are concerned that she might not be able to continue to get her social security. She is widowed and collecting her husband's social security, approx. $2,500/month. Will she still be able to collect that each month if we are married??JA: The Retirement Accountant will know how to help. Is there anything else the Retirement Accountant should be aware of?Customer: No, that's it.