The elderly and disabled can receive a tax credit that could reduce and even potentially eliminate the tax they owe for the entire year. Here's how to figure out if you qualify.
experienced special-needs planning attorney involved early in the process – as soon as you know disability is a potential issue – to preserve eligibility for benefits and to protect the family’s assets. Your Social Security office will be able to refer you to free legal assistance, if you ...
Old-Age and Survivors Insurance (OASI) Trust Fund: This fund disburses benefits to current retirees and survivors receiving Social Security payments. Disability Insurance (DI) Trust Fund: This fund provides financial support to those currently receiving Social Security disability benefits. ...
Existing federal rules forced disabled veterans to give up their military retirement pay in order to receive VA disability benefits. This meant that every VA disability dollar paid to a veteran was deducted from his retirement pay, effectively creating a “disabled veterans tax.” No other group ...
If you are indigent and receive any government benefits, you should be able to file this lawsuit for free. Get a fee waiver petition from your local federal district court. I would worry about service, but I’m sure we won’t be the only people filing these. The cases to ban him will...
Similar to TOD deeds, if the grantee is disabled or on public benefits at the death of the grantor, a loss of public benefits could result. However, a trust could be named as grantee to solve this potential problem. If using power of attorney (POA) to sign an enha...
Like a traditional IRA, you canavoid the 10% penalty for early withdrawalsif you use the money for a first-time home purchase, qualified education expenses, medical expenses, or if you have a permanent disability. However, depending on how long it's been since you first contributed to a Ro...
Disability of the IRA owner Death of the IRA owner An Internal Revenue Service levy on the plan Unreimbursed medical expenses A call to duty of a military reservist IRS exceptions are a little different for IRAs and 401(k) plans; they even vary a...
000 back, you will owe ordinary income tax plus a 10% penalty on $1,000 (the part of the distribution that you must include in gross income). There are also other exceptions that allow you to sidestep the 10% penalty, including total and permanent disability and qualified natural...
If you decide to take out money prior to the age of 59½, you may also owe a 10% penalty on any gains you withdraw unless the withdrawal qualifies for a special exception. Special exceptions can include disability, first-time home purchase, and some other qualified exceptions. Even if yo...