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Irs Information On Taxes, Disability Such As Va Incomes, Lots Of Good Info
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Guest allanopie
fwd:
"Keep on, Keepin' on"
Dan Cedusky, Champaign IL "Colonel Dan"
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My Groups | VeteranIssues Main Page
http://www.irs.gov/publications/p907/ar02.html#d0e178 partial reprint from
IRS web site, Pamphlet 907
Social Security and Railroad Retirement Benefits
If you received social security or equivalent tier 1 railroad retirement
benefits during the year, part of the amount you received may be taxable.
Are any of your benefits taxable? If the only income you received during
the year was your social security or equivalent tier 1 railroad retirement
benefits, your benefits generally are not taxable and you probably do not
have to file a return.
If you received income during the year in addition to social security or
equivalent tier 1 railroad retirement benefits, part of your benefits may be
taxable if all of your other income, including tax-exempt interest, plus
half of your benefits are more than:
* $25,000 if you are single, head of household, or qualifying
widow(er),
* $25,000 if you are married filing separately and lived apart from
your spouse for all of the year,
* $32,000 if you are married filing jointly, or
* $-0- if you are married filing separately and lived with your
spouse at any time during the year.
For more information, see the instructions for Form 1040, lines 20a and
20b, or Form 1040A, lines 14a and 14b. Publication 915, Social Security and
Equivalent Railroad Retirement Benefits, contains more detailed information.
Supplemental security income (SSI) payments. Social security benefits do
not include SSI payments, which are not taxable. Do not include these
payments in your income.
Disability Pensions
Generally, you must report as income any amount you receive for your
disability through an accident or health insurance plan that is paid for by
your employer. If both you and your employer pay for the plan, report as
income only the amount you receive for your disability that is due to your
employer's payments. Your employer should be able to give you specific
details about your pension plan and tell you the amount you paid for your
disability pension.
If you paid the entire cost of the plan, do not report as income any amounts
you get from the plan for your disability. See Publication 525, Taxable and
Nontaxable Income, for more information.
Military and Government Disability Pensions
Generally, you must report disability pensions as income, but do not include
certain military and government disability pensions. For information about
military and government disability pensions, see Publication 525.
http://www.irs.gov/publications/p525/index.html
Military retirement pay. If your retirement pay is based on age or length
of service, it is taxable and must be included in your income as a pension
on lines 16a and 16b of Form 1040 or on lines 12a and 12b of Form 1040A. Do
not include in your income the amount of any reduction in retirement or
retainer pay to provide a survivor annuity for your spouse or children under
the Retired Serviceman's Family Protection Plan or the Survivor Benefit
Plan.
VA disability benefits. Do not include disability benefits you receive
from the Department of Veterans Affairs (VA) in your gross income. If you
are a military retiree and do not receive your disability benefits from the
VA, see Publication 525 for more information.
Do not include in your income any veterans' benefits paid under any law,
regulation, or administrative practice administered by the VA. These
include:
* Education, training, or subsistence allowances,
* Disability compensation and pension payments for disabilities paid
either to veterans or their families,
* Grants for homes designed for wheelchair living,
* Grants for motor vehicles for veterans who lost their sight or the
use of their limbs,
* Veterans' insurance proceeds and dividends paid either to veterans
or their beneficiaries, including the proceeds of a veteran's endowment
policy paid before death, or
* Interest on insurance dividends left on deposit with the VA.
From: Paul Kasper [mailto:parker2@entercomp.com]
Sent: Thursday, January 05, 2006 10:57 AM
To: ColonelDan:;
Subject: irs publication 907--tax info and other good stuff
IRS information on taxes, disability such as VA incomes, lots of good info
before you file taxes
Shortcut to: http://www.irs.gov/publications/p907/ar02.html#d0e178
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