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Same question. Working on Offer in Compromise. Is VA

Customer Question
Same question. Working on...
Same question. Working on Offer in Compromise. Is VA disability included in income, and would the back pay from VA disability be consiered income?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: That is it. We also owe state taxes.
JA: Is there anything else important you think the Accountant should know?
Customer: No that is it, just hose questions.
Submitted: 1 year ago.Category: Tax
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Answered in 1 minute by:
9/21/2016
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 714
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question. You do not pay income tax on disability benefits you receive from the VA.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

If you have any questions, let me know. If not, a positive rating is very much appreciated. Best Regards.

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Customer reply replied 1 year ago
to be specific, if I am adding monthly assets/payment with the Offer in compromise booklet, then, I DO NOT include VA disability?
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

Hi. I misunderstood - I thought you meant if it is taxable or not. You include the monthly VA benefits (compensation and/or pension) in Section II, Block 16, “Pension, Compensation, or Other Income.”

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

If this is not answering your question, let me know and do not rate. I will opt out, if this does not answer it. Thank you.

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ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 714
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