My income is totally based on disibility,social security,and veterans administration.I was told by finiicial advisiors that I am not responsible for any taxes.Is this correct.Thank you.
r.chadwell
2007-03-07 05:37:03 · 3 answers · asked by ronald c 1 in Business & Finance ➔ Taxes ➔ United States
VA Benefits as a rule are not taxable
depending on the nature of the Disability payments (ie Disability paid by employer plan) could be taxable and could create a taxable event concerning your Social Security.
You should contact the IRS @ 1-800-829-1040 because although VA Benefits are never taxable, either of the other 2 could well be
2007-03-07 05:52:11 · answer #1 · answered by Anonymous · 3⤊ 0⤋
The Federal & State Government are notoriuos for wanting to get some Taxes or blood from stones.
You cannot assume anything. You did not say what the total amounts were in any category. Be safe present your info to a tax professional. If you are low-income some places will do this for free.
There are certain tests that must be met to insure that you have no tax burden.
2007-03-07 13:43:56 · answer #2 · answered by Ronatnyu 7 · 0⤊ 0⤋
some of those payments could be taxable in certain situations as the others have stated. talk to a TAX advisor not a FINANCIAL advisor.
2007-03-07 14:24:18 · answer #3 · answered by RichManPoorMan 2 · 0⤊ 0⤋