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Taxes


StrikeZ

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Yet another negative impact on the servicemenber caused by the VA incompetence. So my retirement year (2011) I could best benefit from a tax break, but it will not happen. The year I will not need the tax reducuction, I will get it? This will cost me close to 2,000 in taxes

How does the tax situation work out when the of VA's average 200 day disablity review roll from one year to another. Do I have to refile or just claim the benefit in the year payment is received. I am already losing state and federal employment benefits, home loan benefits and other benefits because of this "too busy" delay.

The VA is an embarrassment and must he over hauled. I just learned this week, the VA has a lower percentage of veterans than the DOT. How does that make sense?

Sorry for he rant - I am sure you all have been or are going through the same thing.

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When you receive your decison letter it will have instructions for amending your tax returns for the year(s) including in the decision. you will amend prior year returns.

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StrikeZ,

Are you talking about retirement pay and/or VA Disability Payments? Are you retired military?

Papa

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Papa,

I am retired military. I retired last summer. After attending to retirement brief by the VA, I did the BDD program. It seemed so simple and so promising, if I did everything 90 days prior to retiring, I would start receiving benefits within 60 days. What I found, even though I did everything I needed to 90 days in advance, the processing does not start till after my retirement date. When I look on EBenefits it claims they are gathering info? I call, they say they got everything. Now the year rolled over and I thought the tax benefit from disability has been lost. I was fortunate that I landed a public service job, but it would have been nice to be a 10 point vet vice 5 point.

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The following suggestions can be done by almost anybody but they do require some knowledge of the tax system. Each suggestion is a general overview, and with the exception of #3, does not address all actions that must be taken.

You can do three things:

1. File your 2011 Federal and state tax returns when you have the information you need and receive any refund based on those amounts. Then, when you receive your VA disability determination later this year, you can file amended Federal and state returns and receive the additional refund based on the excluded amount. The attachment to this post is a little sumpin' I wrote a few years back that might be instructive. Notes: (a) your amended returns must be mailed in, and processing time is 8-12 weeks. (b) Paid preparers usually charge in the range of $150 for an amended return. (c ) If you do your own amended return,say with TurboTax, you'll need to go to the forms view and add the Form 1040-X. That's the only non-professional tax program with which I have any familiarity, but I presume that the Herbie program or TaxCut have something similar.

--or-

2. You can wait to file your 2011 tax returns until you receive your VA disability determination letter, however I suggest that you don't wait beyond April 17 (this year's filing date). If you go this route, you can adjust the taxable income with a Form 1040 Line 21 entry. Note: the 2011 Form 1099-R that you receive from the USCG will report the entire amount of your MilRetPay. The 2012 Form 1099-R should have the appropriate adjustments made.

-or-

3. Do nothing. Let it slide. It is an option.

Yet another negative impact on the servicemenber caused by the VA incompetence. So my retirement year (2011) I could best benefit from a tax break, but it will not happen. The year I will not need the tax reducuction, I will get it? This will cost me close to 2,000 in taxes

How does the tax situation work out when the of VA's average 200 day disablity review roll from one year to another. Do I have to refile or just claim the benefit in the year payment is received. I am already losing state and federal employment benefits, home loan benefits and other benefits because of this "too busy" delay.

The VA is an embarrassment and must he over hauled. I just learned this week, the VA has a lower percentage of veterans than the DOT. How does that make sense?

Sorry for he rant - I am sure you all have been or are going through the same thing.

Here is a something that might help.doc

Edited by jvretiredvet
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