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Is there a disabled veteran tax deduction or tax credit?

 
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Hal_Al
Level 15

Is there a disabled veteran tax deduction or tax credit?

There is a credit for the elderly or disabled (you don't have to be both), that you may have heard of.  But because it has not been adjusted for inflation since 1983, very very few people qualify. If you qualify, TurboTax (TT) will automatically calculate it. It is not a refundable credit. That is, you must have a tax liability to offset to get the credit. Very few people, with that little income have an actual tax to offset. 

 Having any social security income at all works against you. Essentially your potential credit is reduced by any tax you "shoulda paid” on the untaxed Social security income. If you have more than $5000 social security ($7500 Married Filing Jointly and both are elderly or disabled) or VA benefits, you will not qualify for the credit.

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5 Replies
Hal_Al
Level 15

Is there a disabled veteran tax deduction or tax credit?

There is a credit for the elderly or disabled (you don't have to be both), that you may have heard of.  But because it has not been adjusted for inflation since 1983, very very few people qualify. If you qualify, TurboTax (TT) will automatically calculate it. It is not a refundable credit. That is, you must have a tax liability to offset to get the credit. Very few people, with that little income have an actual tax to offset. 

 Having any social security income at all works against you. Essentially your potential credit is reduced by any tax you "shoulda paid” on the untaxed Social security income. If you have more than $5000 social security ($7500 Married Filing Jointly and both are elderly or disabled) or VA benefits, you will not qualify for the credit.

Is there a disabled veteran tax deduction or tax credit?

Thank you.

Is there a disabled veteran tax deduction or tax credit?

Sorry, but there is not a special deduction or tax credit on a federal return for that; your state may have something which you will see when you prepare your state return.  Veteran's Administration benefits are not taxable, and do not get entered on your federal return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Is there a disabled veteran tax deduction or tax credit?

But VA benefits can be recorded as nontaxable income for purposes of the Sales tax deduction if you itemize.

Is there a disabled veteran tax deduction or tax credit?

Thank you.
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