It’s my annual “Taxes from A to Z” series! Next up:
V is for Veterans’ Benefits
Under the Tax Code, income is reportable and taxable unless otherwise excluded. Fortunately, when it comes to veterans’ benefits, those paid under any law, regulation, or administrative practice administered by the Department of Veterans Affairs (VA) are completely excludable.
Excludable benefits for veterans includes educational benefits, including education, training, and subsistence allowances. Likewise, benefits under a dependent-care assistance program are not taxable.
Excludable benefits for veterans also include compensation and accommodation for disabilities. Specifically, disability compensation and pension payments for disabilities paid either to veterans or their families as well as grants for homes designed for wheelchair living and for motor vehicles for veterans who lost their sight or the use of their limbs are not taxable. Payments made under the compensated work therapy program are similarly excludable.
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