I was officially retired Sunday the 25th. Little did I know that the Army holds your final pay for up to 30 days after you retire before you get that last AD paycheck. Anyway - that's not my concern.
My concern is taxes. I was given a sizable amount from Soc Security, which included back pay for disability. My kids also received back pay as well.
My question is that monthly SSDI payments are not taxable - thus is this back payment taxable? I have called the IRS to try and get an answer - but staying on the line waiting for the next available operator for 45 minutes to 1 hour - wasn't happening.
With my wife's meager teacher salary, and mine, we are still under the 28th percentile for taxes, but if you add this SSDI back payment (of which they broke it into 2007 and 2008 payments (although I received just one check) - it throws us into that 28th percentile.
I haven't touched the money - so when I get slammed for taxes, basically that money will be for our taxes - which I don't believe was/is the instention of giving wounded warriors SSDI and/or SSDI retro pay.
Thanks all
Andy
My concern is taxes. I was given a sizable amount from Soc Security, which included back pay for disability. My kids also received back pay as well.
My question is that monthly SSDI payments are not taxable - thus is this back payment taxable? I have called the IRS to try and get an answer - but staying on the line waiting for the next available operator for 45 minutes to 1 hour - wasn't happening.
With my wife's meager teacher salary, and mine, we are still under the 28th percentile for taxes, but if you add this SSDI back payment (of which they broke it into 2007 and 2008 payments (although I received just one check) - it throws us into that 28th percentile.
I haven't touched the money - so when I get slammed for taxes, basically that money will be for our taxes - which I don't believe was/is the instention of giving wounded warriors SSDI and/or SSDI retro pay.
Thanks all
Andy