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I receive monthly payments from the VA because I am 30%

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I receive monthly payments...

I receive monthly payments from the VA because I am 30% disabled. Are these pyment taxable in Maryland?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Please pass my question above to the accountant.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Well, I am a retired Navy Officer, and the health exam I took when signing up for the VA determined I was 30% disabled

Submitted: 27 days ago.Category: Tax
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3/26/2018
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 27 days ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 934
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 27 days ago

Dear Customer,

Usually, the disability pension is not taxable and you do not get a Form 1099. What is not taxable and not shown in the federal tax return is not taxed in the State of Maryland.

It is according to the instruction to Maryland Form 502 for line 11, "

11

INCOME.

Line 1. Copy the figure for federal adjusted gross income

from your federal return onto line 1 of Form 502."

http://forms.marylandtaxes.gov/17_forms/502_502B.pdf

However, if you get a Form 1099, it is included in income for federal tax return purpose. For the State of Maryland, you may qualify for a limited amount of exemption exclusion and not complete exclusion up to 29,000. -- if you are age 65 or over, for example.

http://taxes.marylandtaxes.gov/Individual_Taxes/Individual_Tax_Types/Income_Tax/Tax_Information/Frequently_Asked_Questions/Seniors_and_Retirees_FAQs/q7.shtml

Please feel free to follow up.

Regards,

Fiona

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Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
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