Veterans taxed for disability severance payments should file amended returns 1040X to claim tax refunds

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Veterans who received disability severance payments after January 17, 1991 and included that payment as taxable income should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the disability severance payment. This is a result of the Combat-Injured Veterans Tax Fairness Act passed in 2016 (CIVTFA).

For more information please visit: https://www.irs.gov/newsroom/veterans-owed-refunds-for-overpayments-attributable-to-disability-severance-payments-should-file-amended-returns-to-claim-tax-refunds

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Published by Carlos Nazario