Taxed on monies taken from VA penion

Navrat must be BiPolar, today the Pol is a shinny one, Nav, keep the sun shinning, take care,
Chears,

Patrick.

perk time show me a work sheet lol

A group hug, with cash lined pockets, and very happy wives! I Love you Guys!

Navrat wrote:LMFAO , we won , Seal the Deal, LMFAO and Navrat love Peter and Vac pensions!

Ok NAV we’re not going to start swapping spit here, maybe a group hug.

I love everyone, but you know what, in Feb when my cheque comes "" Peter express"" I think everyone will love everyone, it's going to be, a very , very, very , feel the love year!

NAV IS IN HIS HAPPY PLACE

LMFAO , we won , Seal the Deal, LMFAO and Navrat love Peter and Vac pensions!

Navrat wrote:LMFAO, you don't lose

I think we won some more than other but we all won. Knowledge is a wonderful thing... = power

I dont believe I claim it on my taxes back then...memory doesnt allow me to think that far back... Thanks for the great info though. I think it was a few thousand $$$ so I wont be concern about it.

LMFAO, you don't lose

yes LMFAO, you (or VAC) sent that money to SISIP and you received a letter or receipt to claim that amount back off of your taxable income.. my dh sent them over $23,000 (I wrote the check).. so I am very familiar with this situation... we claimed it off his income the next year bringing his taxable income for that year down to something like $500.00. Did he get back what he would have paid on that money over the preceeding 3 years? Certainly not all of it, but unfortunately that is the way it works... you get to claim it on you tax return as a deduction in your taxable income, or SISIP deducted of your taxable income on your T4, which you should have done back when it was repaid.

I am not trying to be hard to get along with, but I am familiar with this situation , and I am trying to help you understand that you already got the "tax free" status of that money back when you claimed in on you tax return.

Oops.. Teen beat me to the explaination... glad you understand it now.

Correct, teen,

Yes you are right about the VA pension but the SISIP LTD is taxable and that is what I was talking about.

Teen this lump sum medical pension from VA was tax free so it would not have gone on my yearly taxes. So it wouldnt have showed up on my Income taxes.

Ok I reread your answer Teen I understand it now. Thanks

Yes and when SISIP got that lump sum check it was subtracted from your gross income for the year.

So any taxes you paid for that lump sum showed up as an overpayment of taxes in your yearly return and you got it back.