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Taxes paid from retirement before VA comp started.

I'm chapter 61 100% P&T.   I recieved retirement pay for a few months at the begining of the year before VA comp started.  I recieved a W-2 for my retirement pay.  Since I recieved a W-2 I have to...

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Re: Taxes paid from retirement before VA comp started.

I don't think there is a space to report VA comp. It is not taxable at the federal level. Back in the 90's before I was receiving VA comp., I reported this as earned income for several years. The 1040...

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Re: Taxes paid from retirement before VA comp started.

i think it's another form or something like that.. let me see if i can explain it better. That time when the military first lets ya go and you start recieving retirment pay but your still waiting for...

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Re: Taxes paid from retirement before VA comp started.

Won't your normal exemptions and deductions offset any taxes paid for those few months?

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Re: Taxes paid from retirement before VA comp started.

ok.. I just looked at my last years taxes.. What the lady from HR block did was... on line 21 she typed in the words... LUMP SUM DISABILITY ADJUSTMENT. then put the dollar amoutn in ($$$$.$$). and...

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Re: Taxes paid from retirement before VA comp started.

1040 short form?

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Re: Taxes paid from retirement before VA comp started.

RustyShackleford wrote: 1040 short form? regular 1040.  line 21 says: Other income. List type and amounth (see page 28)I looked in the instruction.. but doesn't say anything about putting that there....

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Re: Taxes paid from retirement before VA comp started.

I don't see how reporting it and then subtracting it was even required or how it offset your earned income. I am no tax expert, I am preparing my return so I have my forms and instructions out from...

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Re: Taxes paid from retirement before VA comp started.

RustyShackleford wrote: Won't your normal exemptions and deductions offset any taxes paid for those few months?No it will not.  I'll use my actual numbers from the w-2 I recieved for the few months of...

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Re: Taxes paid from retirement before VA comp started.

RustyShackleford wrote: I don't see how reporting it and then subtracting it was even required or how it offset your earned income. I am no tax expert, I am preparing my return so I have my forms and...

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Re: Taxes paid from retirement before VA comp started.

did you have other earned income on 2009?

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Re: Taxes paid from retirement before VA comp started.

RustyShackleford wrote: did you have other earned income on 2009?Not for myself..   but yes for the family..  filing joint.  Wife gets AF retirement pay plus the job she works..  I recieve VA Comp.    

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Re: Taxes paid from retirement before VA comp started.

jack444 wrote:RustyShackleford wrote: I don't see how reporting it and then subtracting it was even required or how it offset your earned income. I am no tax expert, I am preparing my return so I have...

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Re: Taxes paid from retirement before VA comp started.

if your combined income and normal exemptions and deductions do not lower your taxable income enough and filing jointly results in taxes needing to be paid, won't your $367.00 in withheld taxes offset...

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Re: Taxes paid from retirement before VA comp started.

oops.. my bad..  it's a 1099-R.   but it just shows retirement pay.. doesn't state disability retirement pay.  Either way..  you have to report that 1099-R just like a W-2. 

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Re: Taxes paid from retirement before VA comp started.

RustyShackleford wrote: if your combined income and normal exemptions and deductions do not lower your taxable income enough and filing jointly results in taxes needing to be paid, won't your $367.00...

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Re: Taxes paid from retirement before VA comp started.

jack444 wrote:RustyShackleford wrote: if your combined income and normal exemptions and deductions do not lower your taxable income enough and filing jointly results in taxes needing to be paid, won't...

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Re: Taxes paid from retirement before VA comp started.

jack444,I think I understand your situation.  Don't get wrapped up with what taxes were withheld.  This amount is only a prepay of some amount you might or might not owe considering your total tax...

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