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"....I no longer receive W-2's"
Tell us what source(s) of income you have and we can be more helpful. And...so you know....there are free software programs to use instead of having to sit down with paper forms, a calculator and the 108 page IRS instruction book .....
Free File becomes available in mid-January, as do many of the other free sites.
If you qualify to use it, there is another full-featured free version of the software:
Try Free File:
You qualify if your income was $36,000 or less, or $69,000 or less if active duty military, or if you qualify for Earned Income Credit
https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program
Or—-Use this IRS site for other ways to file for free
https://apps.irs.gov/app/freeFile/
My source of income is currently coming from the pension that I am receiving for my disabilities and the GI Bill as I am attending university via online. I am told those are non-taxable, how would I go about doing my taxes? I normally do my taxes through the turbotax app.
If you are receiving veterans benefits you do not have to file a tax return. VA benefits are not taxable. You said "recent" veteran. Did you file a 2019 tax return? Did you receive a stimulus check this year? If not, you could file a return to get the stimulus money on a 2020 return---you could prepare one with $1 of interest so you would have a return to file and get the stimulus money. But veterans who were receiving VA benefits in 2019 should have received a stimulus check----just asking in case it fell through the cracks.
Yes I have received the first round of stimulus checks and I have filed taxes for the year 2019, as that year was the year that I was medically discharged.
Don't I have to change some of my personal information via turbotax saying that I am a veteran? If so, how would I go about doing that?
You do not need to tell TurboTax (or the IRS) that you are a veteran. But if you have information in your TurboTax account to update you can do so.
so.... do I just upload a blank W2 for this tax year? I am lost.
No. Wait until January and see what forms you get. You might get a 1099R for pension. If you get Social Security or SSDI you will get a SSA-1099. Do you get any 1099 like for interest or dividends?
No. You do not do anything. You do not have to file a tax return when you have no taxable income. If your situation changes in some way in 2021 and you start receiving taxable income of any sort or you get married and want to file a joint return with a spouse, etc. etc. etc. then you can file a 2021 tax return in 2022. For the 2020 tax year, it sounds like you only had VA benefits so you just do not file a 2020 tax return.
If your income from the military is a pension you will get a 1099R and that is different--that goes on a tax return. But if you are receiving VA benefits for being disabled, those benefits are not taxable and do not go on a tax return. If you are getting a 1099R you will receive it in January.
Yes. I do some investing with M1Finance, but I am more worried about the W2 situation. I just don't want the IRS to give me a hard time.... Yes I am aware of taxes schedules. Where and who would send me the 1099R you speak of? I have always had to go out of my way to locate all the tax forms associated with my finances.... I wasn't aware that I would just be sent my tax forms to submit.
Yes. but, how would the IRS justify receiving taxes... which essentially is non-existent? I am receiving disability and using my GI Bill to attend classes, which are both non-taxable.... I use some of the funds to invest.... how would the IRS get taxes from non-taxable funds?
We still do not understand if you are receiving a pension that will be reported on a 1099R that the military will send out in January---or if you are receiving non-taxable veterans benefits because you were wounded or disabled.
If you are receiving a pension they send you a 1099R in the mail in January. If you are receiving benefits due to an injury, etc. they don't send any forms that would go on a tax return.
You do not need to stress over this. Wait until January and see if you receive a 1099R. Or if you receive any other sort of 1099's for investment income etc. There are over two dozen kinds of 1099's that could come from banks, brokerages, or other financial institutions---they arrive in January. Investing money you got from non-taxable money does not mean the gain or interest or dividends would not be taxable. We can cross that bridge if you come to it.
If you were discharged before 2020 began, then you are not going to have a W-2. That is okay.
By mid-February you should have whatever tax documents are coming (if any) ---wait for them and post back if you still need help.
Ok. So you are saying that I do not have to file any taxes as I am receiving VA Benefits and using my GI Bill as they are non-taxable.
About investments. Seeing as I am using my funds received by my disability benefits, is it mandatory to report a 1099? No matter how much I hash it.... I can't see how the IRS is going to take something that theoretically isn't there....
I am a veteran, but when I do the Utah State portion of taxes on Turbo Tax, then TT doesn't honor my veteran status. What can I do to get TT to honor my veteran status, which is on my 1099-R?? Help please!!
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