Blue Water Navy

Should we be fortunate enough to get any compensation does any one know do you have to report it to the Social Security Admin if you are on SS? Also do you have to enter it any where on your Tax form?
I've been told by a VSO that you cash the check and tell no one; sounds risky to me as far as penalties or tax/social security fraud, however it sounds too good to be true.
Those ba$tards have ways of prying into your life and discovering every thing about you.
Frank

Thanks Exie, I was hoping someone with first hand experience would respond ......MUMS the word.

ExIntrepid wrote:......

Mrs. ExIntrepid says I'm a natural-born 'curmudgeon'.

I gotta get me a ball-cap with that written on it. In big ol' capital letters.

—ExIntrepid

Nah, I don't think you necessarily fit the true definition of a curmudgeon. There's a "resident curmudgeon" on another vet site who fits the description to a tee.

ExIntrepid wrote:Aaah, not so much 'Mum' as 'None of your damned business!'.

Hell, when they sent someone for the 2000 census, I told'em there was 2 people living here, and that was IT!

Mrs. ExIntrepid says I'm a natural-born 'curmudgeon'.

I gotta get me a ball-cap with that written on it. In big ol' capital letters.

—ExIntrepid

Speaking of baseball caps.... Next week the Ship's Store will have baseball caps with the embroidered BWN patch sewn on the front. They're beautiful! Stand by, they're a MUST for the Spring sunshine.

-JR

ExIntrepid wrote:Jeez, Stab; no, you don't have to tell Social Security about VA money, or the other way around. They're unrelated and they don't care, period. They don't even have forms that ask the question. Hell, don't give them any ideas, they're gonna be looking for money, soon.

Further, unless you have other taxable income, you do not need to file a tax return. If your only income is SSDI and/or VA checks; neither of them are taxed, period.

Your VSO was absolutely right, he was just a bit over-dramatic about it.

If you fill out a 1040A, and read it carefully, it tells you right there in the book that you don't have to file. The only time I filed since 1994 when my SSDI started was when Rose worked; since 2000, she hasen't been able to work even part-time. I did file in 2007/8 for the $250 'rebate' check, but I didn't and won't last year or this one.

—ExIntrepid

There's some twists and turns with SSDI:
"SSDI benefits may be taxable depending on your total family taxable income. For example, a person filing as an "individual" with a combined income between $25,000 and $34,000 would have to pay income taxes on 50% of the SSDI benefits. If the combined income is more than $34,000 then 85% of the SSDI benefit is taxable. You should consult with an experienced tax expert when your claim is approved to make certain that you plan for any tax liabilities."

-JR

When you say income are you referring to other income(earned) or SSDI? My wife and I are both on SSDI and make slightly more than $34,000.00, so 85% of our SSDI is subject to taxes? I will definitely go to a Tax attorney.

STABAC wrote:When you say income are you referring to other income(earned) or SSDI? My wife and I are both on SSDI and make slightly more than $34,000.00, so 85% of our SSDI is subject to taxes? I will definitely go to a Tax attorney.

Heck, I just cut and pasted that from something I was reading... trust me, you'd be in much better hands with a Tax attorney : - ) ... 'cept I probably don't charge as much.

-JR

And here after all these years I thought you knew what you were talking about, John. MY, MY, MY such a disappointment
Frank

Thanks Exie I'll check the form when I get mine.

Now a comment for all the new members we've gotten recently (you, Exie will I hope remember me saying this awhile back). When ever you see a post from ExIntrepid the first thing you'll (I) notice is My God that's a long one, I don't want to read all that. BUT, as I've posted to Exie I read every word. The man has a way with words and a lot of experience and knowledge, read all his posts they are well worth the time.
Frank

[quote="STABAC"]Should we be fortunate enough to get any compensation does any one know do you have to report it to the Social Security Admin if you are on SS? Also do you have to enter it any where on your Tax form?
I've been told by a VSO that you cash the check and tell no one; sounds risky to me as far as penalties or tax/social security fraud, however it sounds too good to be true.
Those ba$tards have ways of prying into your life and discovering every thing about you.
Frank[/quote



VA Comp. is not taxable thats the bottom line. But yeah it all makes you sort of nervous , I understand.