stony105 Posted April 1, 2012 Share Posted April 1, 2012 sorry i dont know where to post this. my question is,do i have to file and/or pay taxes on va disability and social security monies? thank you in advance for any responses. Link to comment Share on other sites More sharing options...
HadIt.com Elder jbasser Posted April 1, 2012 HadIt.com Elder Share Posted April 1, 2012 VA compensation no taxes VA Pension Yes Social Security yes and no Yes if your spouse makes a cartain amt of money. I think 30K per year ( SSDI 85 percent taxable) No if it spouse income is below that threshold. I dont think so. Hope this helps. Basser Link to comment Share on other sites More sharing options...
stony105 Posted April 1, 2012 Author Share Posted April 1, 2012 yes helps abunch,thank you, jbasser Link to comment Share on other sites More sharing options...
jvretiredvet Posted April 1, 2012 Share Posted April 1, 2012 Well, somewhat correct, but .... VA compensation no taxes Correct VA Pension Yes Incorrect. No VA awards or benefits of any kind are taxable. Ref: IRS consumer guide Pub 525 Page 15 http://www.irs.gov/p...rs-pdf/p525.pdf Social Security yes and no Prior to 1983, no Social Security benefits were taxable at all, for anybody. Currently, Supplemental Security Income (SSI) remains not taxable. However, "regular", that is, age-based, Social Security and Social Security Disability Insurance (SSDI) payments may be taxable. If the sum of one-half of all SS/SSDI payments plus the total of other income(s) is greater than $25k for a Single/HofH filer or more than $32k for MFJ, up to 85% of the SS/SSDI is taxable income. IRS consumer guide Pub 915 http://www.irs.gov/p...rs-pdf/p915.pdf discusses this in more depth (there are some other gotchas as well). FWIW, "other income(s)" means wages, self employment, interest/dividends/capital gains, rental income, gambling winnings, and "other". For the OP .... if your ONLY income is any type of VA compensation and SS/SSDI, your SS benefits are not taxable and there prolly is no legal requirement to file a tax return. However, I have clients who want to file annual Federal and state tax returns "just in case". Whatever. VA compensation no taxes VA Pension Yes Social Security yes and no Yes if your spouse makes a cartain amt of money. I think 30K per year ( SSDI 85 percent taxable) No if it spouse income is below that threshold. I dont think so. Hope this helps. Basser Link to comment Share on other sites More sharing options...
HadIt.com Elder Pete53 Posted April 2, 2012 HadIt.com Elder Share Posted April 2, 2012 Really not taxes on pension there is not enough to even warrant filing a return Link to comment Share on other sites More sharing options...
stony105 Posted April 2, 2012 Author Share Posted April 2, 2012 thanks everyone,always a pleasure to get your info. Link to comment Share on other sites More sharing options...
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