Veteran Tax Information

Being a retired veteran has its tax and retirement benefits but knowing what exactly what is taxable and what is not taxable is a wealth of knowledge to understand and keep you from falling into a pithole.

DEADLINE FOR ACTIVE MILITARY PERSONELL: 180 Days after last day of being hospitalized or the the last day serving in combat.
This would apply to anyone that had lost time to be able to file and are granted the extra time.

You can however can qualify to receive a 3 1/2 month extension. Here’s how.

-If you are a service member in actual combat or contingency operations. In other words you have to be a current serving member to qualify.

You can get an automatic 2 month extension to file your taxes if you fall under any of the two criteria

-are posted outside the U.S. or Puerto Rico
-Live outside the U.S and maintains a business outside the U.S. or Puerto Rico
Note: If you are trying to receive an automatic 2 month extension, you will need to attach a statement regarding which situation applies to your case.

Knowing what is Taxable when you are a veteran can help you decrease the risk of you falling into tax fines for not paying income on certain items. Here are a list of items that are taxable and non taxable items if you are a current veteran.

TAXABLE ITEMS

– Retirement Pay – Any retirement pay that you receive is taxable income.
– Severance Pay – Any Severance Pay that you are entitled to, right when you are discharged
– Health Care- If you require services under the VA(Veterans Affairs) the following are taxable:
+Hospital
+Out Patient
+Dental
+Pharmacy
+Prosthetic Services
+Nursing/Community care services relating to MST
+Any readjustment therapy
+Homeless Veteran Programs
+Any alcohol & drug dependency programs and more.

NON TAXABLE ITEMS

+Disability Pensions
+Disability Compensation
+Education & Training
+Dependents & Survivors
+Life Insurance
+Housing Grants
+Compensated Work
+Therapy and more