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Severance Pay & Taxes
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My question is about severance pay and taxes paid on that severance pay. Recently, literally today, it has come to my attention that if the VA rates a Vet disability we can reclaim that tax money paid with our severance pay. Basically, in a nutshell, will all the money paid in taxes, for me 2009, be refunded or is there some kind of gauge to measure how much to expect in return? Say if you paid $6000 you get roughly 10% of that back or is all $6K refunded to you? I just don't want any thing to come back and bite me. You know?
I called the IRS; I've seen crazy stuff about you need to submit corrected W-2's from DFAS, final orders, submit DD-214, blah, blah, blah & blah. The only thing the IRS said I need to send them is a 1040X, VA determination letter with the award and effective start date of that award letter. As well as the amount of my severance pay that was taxed. I have all this information.
My last concern is the deadline is Apr. 15, 2013 for me. I have an appointment with H&R Block Thursday. I will more than likely submit this 1040X to the IRS on the 26th-same day. My question is, can the government sit on this paperwork until Apr 16, 2013 next year and send me a reply back telling me that my 3 years are up and I am no longer entitled to that recoupment of tax monies paid? I could seriously see the government doing something like that if it is possible. You know how they can be!!!
Does anyone know what's up or have personal experience in this area? I think I am being over paranoid but if you lived my life you would be the same way.
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