First, the money is tax-free, so veterans who qualify for retirement can accept VA compensation instead and save on taxes. In some cases, veterans can get both retired pay and VA compensation. A disability status can also save you money on tolls, property taxes or other state programs and...
Prior to 2004, VA disability compensation offset a military retiree’s retirement pay. The retiree would receive their full VA disability compensation, but their retirement pay was reduced by the same amount, dollar for dollar. The gross pay was the same, but the net pay was higher, as VA ...
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Report Says 60,000 Veterans Get Triple Benefits; They Collect Billions in Retirement Pay While Receiving Disability from VA and Social Security; MILITARYWASHINGTON * Nearly 60,000 veterans were triple dippers lastyear, drawing a total of $3.5...Daly, Matthew...
Veterans eligible for service-connected disability pay but receiving retirement or active duty pay instead Surviving spouses of a veteran who died in service or from a service-related disability. Active-duty service members who have been awarded the Purple Heart. Veterans who have a memorandum rating...
Military retirement income received by those awarded the Medal of Honor can be subtracted from federal gross income for tax purposes. Military Disability Retired Pay: Disability Portion – Length of Service Pay; Member on September 24, 1975 – No tax; Not Member on September 24, 1975 – Taxed...
If you are eligible for VA compensation for a service-related disability, and you are currently receiving retirement or active-duty pay you are likely exempt. Further, if you are receiving Dependency and Indemnity Compensation (DIC) from the Department of Veterans Affairs as the surviving spouse ...
A veteran entitled to receive VA compensation for a service-connected disability, but who receives retirement pay or active duty pay A surviving spouse of a veteran who died in active service or from a service-connected disability An active-duty service member who provides, on or before the dat...
Simplified underwriting allows you to refinance an existing fixed-rate or adjustable-rate VA loan into a new fixed-rate VA loan. Closing costs and lender fees can be financed into the loan amount, but you will need to pay the VA funding fee. The VA also allows for a cash-out refinance,...
Unverifiable cash income, short term income and income that’s not likely to continue like unemployment income, student loan aid, VA education benefits, or short-term disability are not allowed for a mortgage loan. 2. Assets What the mortgage underwriter is looking for here is how much can yo...